Gold Mining, Drug Stocks Breaking Out Today

Though bond yields are stealing the spotlight today, there are plenty of other market movers to keep up with. Catch up with us on what’s driving the conversation today in the biggest trends on Wall Street.

Bitcoin on the Cusp of a Breakout

• Bitcoin (BTC) is surging today, earlier up as much as 3%, continuing its rebound from last week's lows. Today's pop has the cryptocurrency slated to mark its highest close since early June, now facing off with the $70,000 level.
• This surge is critical for multiple reasons, including the opportunity for the digital currency to complete a bullish inverse head-and-shoulders pattern. If BTC sustains a breakout above $66,000, prices could see an upwardly revised target of $76,000, per analysts.

Gold Miners Taking Over

• The likes of VanEck Gold Miners ETF (GDX) and other safe-haven peers are surging this afternoon after the Treasury Department said it will sharply increase government debt repurchasing. In turn, this sent previously surging Treasury yields lower and the precious metals sector climbing.
• GDX is now trading 8.5% higher, set for its best daily performance since November 2022.

Moderna Momentum Provides Halo Lift

• The oncology pharmaceuticals sector is enjoying a halo lift thanks to Moderna (MRNA) and Merck's (MRK) successful melanoma vaccine today. Specifically, peer Novavax Inc (NASDAQ:NVAX) is up 9.1% at last glance.
• Today's breakout has the shares back above the resistant 320-day moving average and sporting a nearly 30% year-to-date gain.