Medicare patients are set to benefit from significant savings, totaling $1.5 billion on ten prescription drugs.
On Monday afternoon, the Nasdaq Composite index increased by 1.5%, adding 277 points, following President Joe Biden’s announcement that he would not seek reelection, coupled with his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average rose by 0.3%, while the S&P 500 experienced a gain of 1.1%.
In the realm of presidential nominations, the crypto betting platform Polymarket supports Harris as the Democratic presidential candidate, and New Zealand’s PredictIt suggests she may become the 47th president of the United States.
Nvidia shares surged by 4% after reports indicated that the company is creating a version of its Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with local partner Inspur to introduce and distribute the chip, provisionally named the “B20,” expected to ship in the second quarter of 2025. The company has not provided comments on the matter.
Tesla’s stock jumped nearly 5% ahead of its earnings report. CEO Elon Musk is anticipated to discuss the company’s postponed robotaxi launch during the report. Musk noted on social media that Tesla aims to have practical humanoid robots available for internal use by next year, with expectations for broader production by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in a major global tech outage, is continuing to recover from the incident. The company reported that a significant number of the approximately 8.5 million affected Windows devices are now back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading at about $263.
Verizon experienced a nearly 6% decline in its stock after releasing its quarterly earnings report, which revealed that the company fell short of revenue expectations. This was attributed to customers keeping their old phones for longer, which has negatively impacted upgrade rates amidst promotions for new devices. Verizon’s second-quarter revenue stood at $32.8 billion, just below the average analyst estimate of $33.06 billion, while earnings per share matched expectations at $1.15.