On Monday afternoon, the Nasdaq climbed 1.5%, adding 277 points, following President Joe Biden’s decision to exit the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also recorded increases of 0.3% and 1.1%, respectively.
In political betting, the crypto-based platform Polymarket favors Harris as the Democratic presidential nominee, while New Zealand’s PredictIt predicts she will become the 47th president of the United States.
Nvidia’s shares rose by 4% after reports emerged that the company is working on a version of its Blackwell AI chips specifically for the Chinese market. Nvidia is reportedly collaborating with local partner Inspur to launch the chip, provisionally named “B20,” in China, with shipments expected to begin in the second quarter of 2025.
Tesla’s stock saw a nearly 5% increase just one day before its earnings report, during which CEO Elon Musk is anticipated to discuss the delayed introduction of the company’s robotaxi. Musk affirmed on social media that Tesla plans to produce useful humanoid robots for internal use next year and aims for broader production for other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage on Friday, was still working through the consequences several days later. The company reported that a considerable number of the roughly 8.5 million impacted Windows devices had returned to operation, although its stock was down over 13% on Monday afternoon, trading around $263.
Meanwhile, Verizon experienced a nearly 6% drop in its stock after the release of its quarterly earnings report, which indicated a shortfall in revenue estimates. The company attributed this decline to customers retaining their old phones longer, negatively affecting upgrade rates for telecom providers offering promotional plans with new mobile devices. Verizon recorded second-quarter revenue of $32.8 billion, slightly below the expected average of $33.06 billion, with earnings per share matching expectations at $1.15.