Medicare patients are poised to save $1.5 billion on ten prescription drugs.
In the stock market, the Nasdaq climbed 1.5%, gaining 277 points on Monday afternoon after President Joe Biden announced his exit from the presidential race on Sunday and endorsed Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
The betting platform Polymarket is backing Harris as the Democratic nominee, while PredictIt, based in New Zealand, forecasts that she will become the 47th president of the United States.
In tech news, Nvidia shares rose by 4% after reports confirmed the company is creating a version of its new Blackwell AI chips for the Chinese market. Nvidia is expected to collaborate with the local distribution company Inspur to introduce and sell the chip, referred to as the “B20,” in China, with shipping anticipated to begin in the second quarter of 2025. Nvidia has not commented on this development.
On the eve of its earnings report, Tesla’s stock surged nearly 5%. CEO Elon Musk is expected to discuss the company’s postponed robotaxi launch. He shared on X that Tesla plans to have functional humanoid robots in low production for internal use by next year, with hopes of reaching higher production for external companies by 2026.
In cybersecurity, CrowdStrike is still managing the aftermath of a significant global tech outage from last Friday. The company reported that a substantial number of the 8.5 million affected Windows devices are back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon to around $263.
Verizon experienced a nearly 6% drop in its stock after releasing its quarterly earnings report, which missed revenue forecasts. The company attributed the decline to customers keeping their old phones longer, negatively affecting upgrade rates tied to promotional plans for new phone lines. Verizon’s second-quarter revenue totaled $32.8 billion, slightly under the analysts’ average estimate of $33.06 billion, while earnings per share remained on target at $1.15.