The Street
The Street
  • 21 hours ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and an update on GLP-1 drugs.

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Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:05The Dow and the S&P 500 closed at fresh record highs on Tuesday as investors tried to pick
00:11winners and losers in Donald Trump's tariff plans.
00:14On the economic front, new home sales dropped in October to a two-year low.
00:19Sales were hurt by hurricane activity in the South.
00:22The median sales price rose to $437,300.
00:26Wednesday's main event will be the release of the PCE index, which is the Federal Reserve's
00:31preferred inflation gauge.
00:34In other news, the Biden administration is set to introduce a change that could impact
00:39more than 7 million people covered by Medicare and Medicaid.
00:43Under a new proposal, GLP-1 weight loss drugs like Wegovy will be covered by the government-backed
00:49health insurance plans.
00:51This decision, if approved, would remove a prohibitive cost barrier since these drugs
00:56are not covered by insurance and can cost as much as $1,000 a month.
01:01If Medicare and Medicaid were to cover these weight loss stimulants, that would open the
01:06door for private insurers to do the same for all Americans with health insurance.
01:11Currently, only GLP-1s prescribed to treat type 2 diabetes, such as Ozempic and Monjaro,
01:17are covered by insurance plans.
01:19There is a cost, however, to this expansion.
01:23The Centers for Medicare and Medicaid Services estimates the coverage would cost the government
01:28$36 billion over a decade.
01:31The Trump administration has to approve this rule change once it is in office.
01:37That'll do it for your daily briefing from the New York Stock Exchange.
01:40I'm Conway Gittins with The Street.

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