Medicare patients stand to save $1.5 billion on ten prescription drugs.
On Monday afternoon, the Nasdaq climbed 1.5%, gaining 277 points, in response to President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also recorded gains of 0.3% and 1.1%, respectively.
In a notable political forecast, the crypto-based betting platform Polymarket has backed Harris as the Democratic nominee, while New Zealand’s PredictIt suggests she may 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 working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is collaborating with local partner Inspur to introduce the chip, tentatively named “B20,” with shipments expected to commence in the second quarter of 2025. Nvidia has not commented on the matter.
Tesla’s stock surged nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to share updates regarding the delayed launch of the company’s robotaxi. Musk noted on X that Tesla anticipates having “genuinely useful humanoid robots” in low production for internal use next year, with hopes for increased production for external companies by 2026.
CrowdStrike, the cybersecurity firm involved in a major global tech outage last Friday, reported that recovery is underway. Approximately 8.5 million impacted Windows devices are gradually coming back online. Despite this, CrowdStrike’s stock fell over 13%, trading around $263 on Monday.
Verizon experienced a nearly 6% decline in shares following its quarterly earnings report, which revealed missed revenue estimates. Customers are delaying upgrades and sticking with older phones, affecting the company’s performance. Verizon’s second-quarter revenue reached $32.8 billion, slightly trailing analysts’ expectations of $33.06 billion, while earnings per share were reported at $1.15, matching forecasts.