Medicare patients could potentially save $1.5 billion on ten prescription medications.
The Nasdaq index increased by 1.5%, gaining 277 points on Monday afternoon. This rise followed President Joe Biden’s announcement of his withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. By the afternoon, the Dow Jones Industrial Average and the S&P 500 also saw gains of 0.3% and 1.1%, respectively.
In political predictions, the crypto-based betting platform Polymarket has endorsed Harris as the Democratic nominee for president, while New Zealand’s PredictIt forecasts her to become the 47th president of the United States.
In market news, Nvidia shares rose by 4% after reports emerged that the company is developing a new version of its Blackwell AI chips specifically for the Chinese market. It is anticipated that Nvidia will work with local partner Inspur to launch and sell the chip, tentatively named “B20,” in China, with shipments expected to begin in the second quarter of 2025.
Tesla’s stock experienced a nearly 5% increase one day ahead of its earnings report, during which CEO Elon Musk is anticipated to address the delayed unveiling of the robotaxi. Musk indicated via social media that Tesla aims to have functional humanoid robots for internal use next year, with broader production for external companies by 2026.
CrowdStrike, the cybersecurity firm connected to a significant global tech outage on Friday, continued to face challenges, although operations were gradually returning to normal. The company reported that a substantial number of the approximately 8.5 million affected Windows devices were back online. However, CrowdStrike’s stock fell over 13%, trading around $263 by Monday afternoon.
Verizon’s stock dropped nearly 6% after its quarterly earnings report revealed a miss in revenue expectations. The telecommunications giant reported a second-quarter revenue of $32.8 billion, slightly below the analysts’ forecast of $33.06 billion, with earnings per share matching expectations at $1.15. This shortfall has been attributed to customers holding onto their old phones longer, which has negatively impacted upgrade rates for telecom companies.