Breakfast News: Science Strikes Back at Cancer

The European Society for Medical Oncology (ESMO) Congress, one of the world’s biggest cancer conferences, runs in Madrid until Oct. 27. Top late-breaking trials presented so far have displayed an unusually strong showing. The biggest message from ESMO so far? Several trials show real survival gains, not just smaller tumors. Also, newer drug types, such as targeted antibody drugs, T-cell engagers and vaccines, are outperforming today’s standard treatments, either on their own or alongside existing drugs. U.S. stocks lost ground for a second straight week, with the S&P 500 down 0.47% and the Nasdaq off 0.71%. Artificial intelligence (AI)-spending jitters and surging oil prices triggered the sell-off. Meta (NASDAQ:META) fell 9.4% after earnings, and led the megacap rout. Brent crude, the global oil benchmark, jumped to $116.72 on Friday, hitting a six-month high on Middle East fears. S&P 500 and Nasdaq-100 futures are up about 0.2% to 0.3% this morning, hinting at a modest bounce.

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