Stock Movers: Novavax Approval, Paramount Review, Shake Shack Downgrade

Top Stock Gainers

• 🚀 Novavax shares surged up to 30% and finished with a 15% gain after US regulators fully approved its COVID vaccine, easing investor concerns about efficacy and delays.
• 📈 Paramount Group (PGRE), a major office landlord, saw its shares soar by as much as 20% and finish up 13% following the initiation of a review of strategic alternatives by its board and the naming of a new CFO.
• 📊 Take-Two Interactive outperformed, closing up 3.5%, as analysts raised price targets following its recent earnings report, with an average increase of 11% across 16 analysts.
• 💡 Moderna also saw gains, rising about 6%, potentially benefiting from the positive sentiment surrounding Novavax's vaccine approval.

Notable Stock Decliners

• 📉 JP Morgan shares fell 1% after an executive indicated that investment banking fees would decline, despite the company reaffirming its full-year net interest income forecast.
• ⚠️ Solar stocks, including Sunrun (RUN) down 7.8%, experienced a slump after Republican lawmakers secured a commitment to end key clean energy tax credits earlier than planned.
• 🍔 Shake Shack shares declined 1.6% after TD Cowen downgraded the fast-food chain to 'hold' from 'buy', citing a high valuation and challenging consumer spending.

Bond Market Insights

• 📊 The bond market saw a reversal, with the entire curve ending lower by 2-3 basis points after initially selling off.
• 📈 The 30-year yield briefly touched 5%, a level not seen since 2023.
• 💡 A technical golden cross (50-day moving average crossing above the 100-day) was observed, which typically signals higher yields.