Medicare patients stand to benefit from substantial savings, totaling $1.5 billion, on ten prescription drugs.
On Monday afternoon, the Nasdaq saw an increase of 1.5%, gaining 277 points, following President Joe Biden’s announcement of his exit from the presidential race and his subsequent endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw modest gains of 0.3% and 1.1%, respectively.
The betting platform Polymarket has indicated strong support for Harris as the Democratic nominee, while PredictIt, based in New Zealand, forecasts that she will become the 47th president of the United States.
In the tech sector, Nvidia’s shares rose by 4% after reports emerged that the company is tailoring its new Blackwell AI chips for the Chinese market. Nvidia plans to collaborate with local partner Inspur to introduce the chip, temporarily named “B20,” in 2025, although the company declined to provide further comments.
Tesla’s stock surged nearly 5% in anticipation of its earnings report, with CEO Elon Musk likely to share updates on the delayed robotaxi project. Musk stated that the company intends to produce humanoid robots for in-house use next year, with a broader rollout expected by 2026.
CrowdStrike continues to recover from the repercussions of a recent global tech outage, with many of the approximately 8.5 million affected Windows devices now back online. However, the company’s stock dropped over 13% on Monday, trading around $263.
Verizon experienced a nearly 6% decline in its stock following the release of its quarterly earnings report, which fell short of revenue expectations. The telecom company reported $32.8 billion in second-quarter revenue, below analysts’ average estimate of $33.06 billion, and matched expectations with an earnings per share (EPS) of $1.15.