TheStreet's JD Durkin brings the latest business headlines from the New York Stock Exchange as markets close for trading on Tuesday, December 5.
Full video transcript below:
JD DURKIN: I'm JD Durkin, reporting from the New York Stock Exchange. stocks closed mixed to close out today's session. The Dow Jones closed with a drop of 73 points, the Nasdaq closed with a gain of three tenths of a percentage and the S&P closed slightly lower. This comes after new data showed some signs of a slowdown in the labor market: Job openings fell to 8.7 million in October, down from 9.3 million in September. Investors are eagerly awaiting Friday's crucial November jobs report for a clearer picture of the U.S. labor market.
In healthcare, CVS announced it will change the way it prices prescription drugs. The company plans to implement a new system that will provide greater transparency in drug pricing and ultimately reduce costs for consumers.
The new model, called CVS Cost Vantage, will use a formula that includes how much a drug costs, a fixed profit margin and a fee to determine how much a drug costs and which pharmacies will be reimbursed.
About the new plan, CVS President and Chief Pharmacy Officer Prem Shah said appointment “We are leading with an approach that will change the way our retail pharmacy is compensated by implementing a more transparent and sustainable model that fairly aligns pharmacy reimbursement with the quality services we provide. “It provides our pharmacy benefit managers and our payer customers a critical step toward greater pricing clarity for consumers.”
CVS says its new pricing system will go into effect on January 1, 2025.
That will be enough for your daily briefing. From the New York Stock Exchange, I'm JD Durkin of TheStreet.
