Medicare patients stand to save $1.5 billion on ten prescription medications.
On Monday afternoon, the Nasdaq index climbed by 1.5%, gaining 277 points, following President Joe Biden’s withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average rose by 0.3%, and the S&P 500 increased by 1.1%.
The crypto betting platform Polymarket is backing Harris as the Democratic nominee, while New Zealand’s PredictIt forecasts that she could become the 47th president of the United States.
In corporate news, Nvidia’s shares increased by 4% after reports that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia will collaborate with a local distribution partner, Inspur, to introduce the chip, referred to as the “B20,” which is expected to be shipped starting in the second quarter of 2025.
Tesla shares surged nearly 5% ahead of its upcoming earnings report. Elon Musk is anticipated to provide updates regarding the delayed unveiling of the company’s robotaxi plans. Musk announced on social media that Tesla plans to have functional humanoid robots in low production for its own use next year and aims for higher production levels for external companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm associated with last week’s significant global tech outage, is still facing challenges as it recovers. The company reported that a considerable number of the 8.5 million Windows devices affected are coming back online. However, CrowdStrike’s stock dipped over 13%, trading around $263 in the afternoon.
Verizon’s stock fell nearly 6% after the telecom company released its quarterly earnings report, revealing it missed revenue expectations. This shortfall is attributed to customers extending the life of their current phones, which has affected upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below analysts’ expectations of $33.06 billion, while earnings per share matched the forecast at $1.15.