Boeing aims to secure $19 billion amid challenges including delivery delays and worker stoppages.
In other news, the Nasdaq index rose by 1.5%, gaining 277 points on Monday afternoon after President Joe Biden announced his withdrawal from the presidential race and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average increased by 0.3%, while the S&P 500 saw a rise of 1.1%.
The betting platform Polymarket backs Harris as the Democratic presidential nominee, while PredictIt from New Zealand forecasts her potential as the 47th president of the United States.
In technology news, Nvidia’s shares climbed by 4% following reports that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. The chipmaker plans to collaborate with local partner Inspur to launch the product, tentatively named the “B20,” with expectations for shipments to begin in the second quarter of 2025. Nvidia has opted not to comment on the report.
Tesla’s stock experienced a near 5% increase a day prior to its earnings report, during which CEO Elon Musk is anticipated to update investors on the delayed unveiling of the company’s robotaxi. Musk shared on social media that Tesla expects to have useful humanoid robots in low production for its internal use by next year, with hopes for wider production by 2026.
Meanwhile, cybersecurity firm CrowdStrike continued to face consequences from a significant global tech outage that occurred last Friday. The company reported that a substantial number of the approximately 8.5 million affected Windows devices are returning online and operational. On Monday afternoon, CrowdStrike’s stock was down over 13%, trading at around $263.
Verizon’s stock fell nearly 6% in the afternoon after its quarterly earnings report revealed that the company missed revenue estimates. Customers are reportedly keeping their old phones longer, affecting upgrade rates for telecom providers. Verizon’s second-quarter revenue amounted to $32.8 billion, just shy of the $33.06 billion analysts expected, while earnings per share remained steady at $1.15.