Biogen, Tesla, Illumina, Oracle, and Carnival among top movers in the stock market before bell

Biogen’s stock price soared early Monday after the U.S. Food and Drug Administration (FDA) recommended approval for its Alzheimer’s drug, Aducanumab. The drug passed clinical trials and showed the ability to reduce cognitive decline in Alzheimer’s patients, and if approved, would be the first Alzheimer’s treatment in nearly two decades.

In other stock news, Tesla’s shares continue to trend downward after news emerged that the electric vehicle (EV) company is facing fierce competition from traditional automakers in the EV market. Illumina’s stock is also in the spotlight as the genetic sequencing company announced plans to acquire Grail, a cancer detection startup, for $8 billion. Oracle’s shares are up ahead of its earnings report on Tuesday, and Carnival’s stock is down as the cruise industry continues to struggle amid the pandemic.

Overall, the stock market is expected to be volatile as investors grapple with uncertainty over the upcoming presidential election and ongoing economic fallout from the coronavirus pandemic.