Bitcoin’s recent surge is being interpreted by some strategists as a signal for a potential victory for Donald Trump in the upcoming election. This speculation gained momentum after President Joe Biden announced his withdrawal from the race and endorsed Vice President Kamala Harris as his successor. On Monday, the Nasdaq experienced a notable uptick of 1.5%, equivalent to 277 points. The Dow Jones Industrial Average and S&P 500 also recorded increases of 0.3% and 1.1%, respectively.
In the realm of crypto betting, platforms like Polymarket are backing Harris as the Democratic nominee, while PredictIt suggests she may become the 47th president of the United States.
In corporate news, Nvidia saw a 4% rise in its stock value after reports surfaced that the company is creating a new AI chip tailored for the Chinese market, expected to be launched in partnership with local distributor Inspur and anticipated to ship by the second quarter of 2025.
Tesla experienced a nearly 5% increase in its stock one day before its earnings report, with Elon Musk hinting at developments regarding their delayed robotaxi project. Musk indicated the company aims to produce functional humanoid robots for internal use by next year and potentially offer high production levels for other companies by 2026.
Meanwhile, CrowdStrike is working to recover from the impact of a recent significant global tech outage. The cybersecurity firm reported that a substantial number of the 8.5 million Windows devices affected are now back online. Despite this progress, CrowdStrike’s stock plummeted over 13% to around $263.
Verizon’s quarterly earnings report led to a nearly 6% decrease in its stock price due to a revenue miss attributed to customers opting to retain their older phones longer, affecting upgrade rates. The company reported second-quarter revenue of $32.8 billion, slightly below analyst projections of $33.06 billion, while meeting earnings expectations at $1.15 per share.
This news showcases a dynamic market landscape with significant implications for both financial strategies and potential political outcomes. As investors navigate these developments, the connection between financial markets and political events continues to be a compelling narrative.