Novo Nordisk, the maker of Ozempic, is progressing with an experimental anti-obesity pill that has shown promising results in early trials.
On Monday afternoon, the Nasdaq Composite climbed 1.5%, adding 277 points. This surge followed President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. Concurrently, the Dow Jones Industrial Average increased by 0.3%, while the S&P 500 rose by 1.1%.
In the realm of political forecasting, the betting platform Polymarket is backing Harris as the Democratic nominee, while PredictIt anticipates she will become the 47th president of the United States.
In the technology sector, Nvidia shares rose by 4% after reports emerged that the company is creating a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is collaborating with local distributor Inspur to launch the “B20” chip, which is expected to start shipping in the second quarter of 2025. The company has not commented on the report.
Tesla’s stock experienced a nearly 5% increase ahead of its earnings report, with CEO Elon Musk expected to discuss the delayed unveiling of the company’s robotaxi. Musk indicated via X that Tesla plans to have usable humanoid robots in low production for internal use next year, with hopes for higher production levels for other companies by 2026.
In cybersecurity, CrowdStrike continues to deal with the repercussions of a recent massive global tech outage. The company reported that many of the approximately 8.5 million affected Windows devices are gradually returning online. However, CrowdStrike shares fell more than 13% on Monday afternoon, trading around $263.
Verizon’s quarterly earnings report led to a nearly 6% drop in its stock price. The telecommunications company reported second-quarter revenue of $32.8 billion, falling short of the $33.06 billion analysts had expected. Its earnings per share (EPS) of $1.15 met expectations, but the company noted that customers are keeping their old phones longer, negatively impacting upgrade rates.