A recent study indicates that the oral formulation of Novo Nordisk’s drug Ozempic may significantly reduce the risk of heart attacks and strokes.
On Monday afternoon, the Nasdaq experienced a 1.5% rise, gaining 277 points. This surge followed President Joe Biden’s announcement to withdraw from the presidential race on Sunday, endorsing Vice President Kamala Harris as his successor. The Dow Jones Industrial Average and the S&P 500 also saw increases of 0.3% and 1.1%, respectively.
In predictive betting, the crypto-based platform Polymarket has aligned with Harris as the likely Democratic nominee for president. Meanwhile, PredictIt, based in New Zealand, forecasts that she could become the 47th president of the United States.
In stock market news, Nvidia shares rose by 4% after reports surfaced that the company is planning to create a variant of its Blackwell AI chips intended for the Chinese market. Collaborating with local partner Inspur, Nvidia is expected to launch the chip, tentatively named “B20,” with shipments anticipated to start in the second quarter of 2025. The company has not commented on these reports.
Tesla’s stock increased nearly 5% as anticipation builds for its earnings report set to be released soon. CEO Elon Musk is expected to address the delays surrounding the company’s robotaxi project, stating on social media that Tesla aims to have functional humanoid robots for internal use next year and potentially larger-scale production for other firms by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage last Friday, is slowly recovering from the incident. The company reported that a considerable number of the approximately 8.5 million affected Windows devices are now operational. However, CrowdStrike’s stock fell over 13% in afternoon trading on Monday, hovering around $263.
Verizon experienced a nearly 6% drop in stock value following its earnings announcement. The telecommunications firm reported quarterly revenues below analyst expectations, as customers are increasingly retaining older phones longer, adversely affecting upgrade rates which typically accompany new phone plans. Verizon’s second-quarter revenue reached $32.8 billion, slightly missing the analyst forecast of $33.06 billion, while earnings per share matched expectations at $1.15.