Metals & mining and biotechnology stocks lead Tuesday's sector performance

What happened: On Tuesday, metals & mining and biotechnology stocks led sector performance. In biotech, Moderna's (MRNA) cancer vaccine cut melanoma recurrence risk by 49%, pushing its YTD gain to 392%. Revolution Medicines' (RVMD) daraxabanrasib nearly doubled pancreatic cancer survival versus chemo, driving RVMD's YTD surge to 163%. In metals, Critical Metals and 5E Advanced Materials rose 19.7% and 9.3% respectively.

Market impact: Biotechnology stocks surged, with MRNA and RVMD leading the sector. The metals & mining sector also performed strongly, with critical and advanced materials stocks driving gains. Investors rotated into cyclical and growth sectors, reflecting optimism in economic recovery and innovation.

What to watch next: Moderna's (MRNA) Q2 earnings on Aug 4 and Revolution Medicines' (RVMD) clinical data updates in Q3 will provide further clarity on biotech's performance. In metals, investors await critical materials supply chain updates and inflation data, which could impact demand and pricing.