Boeing is seeking to raise $19 billion as it navigates challenges related to delivery delays and worker stoppages.
In the financial markets, the Nasdaq rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement on Sunday that he would not seek re-election and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, increasing by 0.3% and 1.1% respectively.
On the political betting front, the crypto-based platform Polymarket has endorsed Harris as the leading Democratic nominee for president, while New Zealand-based PredictIt forecasts her as the potential 47th president of the United States.
In technology news, Nvidia’s shares rose by 4% after reports that the company is developing a new version of its Blackwell AI chips targeted for the Chinese market. Partnering with local distributor Inspur, Nvidia plans to launch the chip, provisionally named the “B20,” expected to begin shipping in the second quarter of 2025. A spokesperson for Nvidia chose not to comment on the matter.
Tesla’s stock jumped nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to discuss the status of the company’s delayed robotaxi launch. Musk indicated on social media that Tesla aims to produce humanoid robots for internal use next year and hopes for higher production levels for other enterprises by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in a major global tech outage last Friday, reported gradual improvement as many of the 8.5 million affected Windows devices came back online. However, the company’s stock dropped over 13% on Monday, trading around $263.
Verizon experienced a nearly 6% drop in its stock price following the release of its quarterly earnings report, which fell short of revenue expectations. The telecommunications giant reported second-quarter revenue of $32.8 billion, slightly below predictions, with earnings per share (EPS) consistent with expectations at $1.15. The company cited that customers are keeping their old devices longer, impacting upgrade rates.