Stock Market Update

[BRIEFING.COM] The major averages continue to oscillate around their flat lines amid an uneventful Monday morning session.

Novo Nordisk A/S (NVO 54.47, +2.06, +3.93%) is trading higher following the announcement that the company will offer its GLP-1 drugs, Ozempic (for diabetes) and Wegovy (for weight loss), at a cash price of $499 per month to self-paying patients through GoodRx (GDRX 4.82, +1.10, +29.36%). This move is expected to enhance accessibility for uninsured or underinsured patients, potentially boosting sales volume for these blockbuster drugs.

Concurrently, GDRX is surging on the news, as the addition of Ozempic and Wegovy to its platform is anticipated to serve as a substantial top-line growth catalyst. GDRX was already distributing Eli Lilly's (LLY 705.97, +4.74, +0.68%) competing GLP-1 drugs, Mounjaro (diabetes) and Zepbound (weight loss), positioning it as a key player in the growing market for these therapies. The inclusion of NVO's drugs further strengthens GDRX's platform, likely driving increased user engagement and transaction volume.

The health care sector has advanced 0.7% today, extending its month-to-date gains to 5.2% and keeping it firmly positioned as the best-performing S&P 500 sector in August.