Medicare patients stand to save $1.5 billion on ten prescription drugs.
On Monday afternoon, the Nasdaq climbed 1.5%, adding 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average rose by 0.3%, and the S&P 500 increased by 1.1%.
The betting platform Polymarket is currently supporting Harris as the Democratic presidential nominee, while PredictIt from New Zealand anticipates she will become the 47th president of the United States.
Nvidia’s stock price rose 4% after reports indicated that the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to launch the chip, tentatively named the “B20,” expected to start shipping in the second quarter of 2025.
Tesla experienced a nearly 5% jump in its stock just a day before its earnings report, where CEO Elon Musk is anticipated to discuss the long-awaited unveiling of the company’s robotaxi. Musk stated on X that Tesla aims to produce functional humanoid robots for internal use next year, with a goal for broader production by 2026.
Meanwhile, CrowdStrike is still recovering from a massive global tech outage that occurred last Friday. Approximately 8.5 million affected Windows devices are gradually coming back online. However, CrowdStrike’s stock was down more than 13% on Monday, trading around $263.
Verizon faced a nearly 6% drop in its stock after releasing its earnings report, which fell short of revenue expectations. This decline is attributed to customers retaining their old phones longer, impacting upgrade rates for telecom companies that promote new mobile plans. Verizon reported second-quarter revenue of $32.8 billion, slightly lower than analysts’ consensus estimate of $33.06 billion, with earnings per share matching expectations at $1.15.