Novo Nordisk, the creator of Ozempic, is developing a new anti-obesity pill that has shown promising results in early clinical trials.
On Monday afternoon, the Nasdaq rose by 1.5%, adding 277 points. This increase followed President Joe Biden’s announcement on Sunday that he would not seek reelection and his endorsement of Vice President Kamala Harris as the Democratic candidate. The Dow Jones Industrial Average and S&P 500 also saw gains, rising 0.3% and 1.1%, respectively.
Market predictions indicate that Harris is favored to become the Democratic nominee and is expected to be the 47th president of the United States, according to platforms such as Polymarket and PredictIt.
In tech news, Nvidia’s stock rose by 4% after reports from Reuters stated the company is creating a version of its new Blackwell AI chips designed for China. Nvidia aims to collaborate with local partner Inspur to launch a chip named “B20,” with shipments projected to begin in the second quarter of 2025. The company has not made any official comments on this development.
Tesla’s shares jumped nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk will discuss the delays regarding the company’s robotaxi project. Musk mentioned on X that Tesla plans to have useful humanoid robots available for internal use next year, with hopes for higher production aimed at other companies by 2026.
CrowdStrike continues to deal with the repercussions of a significant global tech outage that occurred last Friday. The cybersecurity firm reported that many of the approximately 8.5 million affected Windows devices are returning to normal operations. Despite this improvement, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop in its stock price after releasing its quarterly earnings report, which missed revenue expectations. The company reported $32.8 billion in second-quarter revenue, slightly below analyst forecasts of $33.06 billion. Verizon’s earnings per share (EPS) were in line with expectations at $1.15. The company noted that customers are keeping their older phones for longer, negatively impacting upgrade rates associated with promotional plans.