Moderna, Inc. (NASDAQ: MRNA) shares have followed a downtrend ever since completing a double top formation in late September. After bottoming in early October, the stock reversed course and moved higher in anticipation of authorization for its COVID-19 booster shot.
Stocks appear to be pausing as rates start to rise. Before the U.S. markets opened, short-term U.S. Treasury yields were rising. The five-year yields rose to their highest levels in 20 months per Reuters.