Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The Dow and the S&P 500 closed at fresh record highs on Tuesday as investors tried to pick winners and losers in Donald Trump’s tariff plans. On the economic front, New homes sales dropped in October to a 2-year low. Sales were hurt by hurricane activity in the South. The median sales price rose to $437,300.
Wednesday’s main event will be the release of the PCE index, which is the Federal Reserve’s preferred inflation gauge.
Related: Crazy-expensive weight loss drugs may soon see a major change
In other news, The Biden Administration is set to introduce a change that could impact more than 7 million people covered by Medicare and Medicaid.
Under a new proposal, GLP-1 weight-loss drugs like Wegovy will be covered by the government-backed health insurance plans. This decision, if approved, would remove a prohibitive cost barrier since these drugs are not covered by insurance and can cost as much as $1,000 a month.
If Medicare and Medicaid were to cover these weight-loss stimulants, that would open the door for private insurers to do the same for all Americans with health insurance. Currently, only GLP-1s prescribed to treat type 2 diabetes, such as Ozempic and Mounjaro, are covered by insurance plans.
There is a cost, however, to this expansion. The Centers for Medicare and Medicaid Services estimates the coverage would cost the government $36 billion over a decade. The Trump administration has to approve this rule change once it is in office.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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