Medicare patients may benefit from potential savings of $1.5 billion on ten prescribed medications.
In the stock market, the Nasdaq increased by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s decision to withdraw from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.
In political predictions, the crypto-based betting platform Polymarket supports Harris as the Democratic nominee, while New Zealand’s PredictIt forecasts that she will become the 47th president of the United States.
In corporate news, Nvidia’s shares rose by 4% after reports indicated the company is designing a specific version of its Blackwell AI chips for the Chinese market. Nvidia is expected to partner with local distributor Inspur to launch the chip, tentatively called the “B20,” with shipments anticipated to begin in the second quarter of 2025. Nvidia has not commented on the report.
Meanwhile, Tesla’s stock experienced a nearly 5% increase a day ahead of its earnings report, where CEO Elon Musk is expected to discuss the company’s delayed robotaxi rollout. Musk stated on X that Tesla would have functional humanoid robots ready for internal use next year, with hopes for wider production by 2026.
CrowdStrike, the cybersecurity firm linked to last Friday’s significant tech outage, is recovering from the incident. The company reported that a substantial portion of the affected 8.5 million Windows devices is now back online but saw its stock fall over 13% on Monday, trading around $263.
In contrast, Verizon’s stock dropped nearly 6% following their quarterly earnings report, which fell short of revenue estimates. The telecommunications company attributed this decline to customers retaining their old phones longer, affecting upgrade rates. Verizon’s second-quarter revenue totaled $32.8 billion, which was below analysts’ predictions of $33.06 billion. The earnings per share reported were $1.15, aligned with expectations.