Eli Lilly’s weight loss drug, Zepbound, has been found to reduce the risks of heart failure, providing a potential dual benefit for patients.
In financial news, Nasdaq climbed by 1.5%, gaining 277 points on Monday afternoon. This surge followed President Joe Biden’s decision to withdraw from the presidential race on Sunday and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, rising 0.3% and 1.1%, respectively.
The cryptocurrency-based betting platform Polymarket has endorsed Harris as the Democratic nominee for president. Meanwhile, PredictIt, based in New Zealand, predicts that she will become the 47th president of the United States.
Nvidia shares rose by 4% in the afternoon after Reuters reported the company is developing a version of its new Blackwell AI chips for the Chinese market. The chipmaker plans to partner with local distributor Inspur to launch and sell the chip, potentially named the “B20,” in China by the second quarter of 2025. Nvidia declined to comment on the report.
Tesla’s stock surged nearly 5% ahead of its earnings report. CEO Elon Musk is expected to provide an update on the company’s delayed robotaxi project. Musk tweeted that Tesla plans to have useful humanoid robots in low production for internal use next year, aiming for high production for other companies by 2026.
CrowdStrike is still recovering from a major global tech outage that occurred last Friday. The cybersecurity company reported that a significant number of the 8.5 million Windows devices affected are now back online. However, CrowdStrike’s stock was down over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% after releasing its quarterly earnings report. The telecommunications company missed revenue estimates as customers are holding onto their old phones longer, negatively impacting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, and an earnings per share of $1.15, which met expectations.