California’s new minimum wage of $20 for fast food workers has not resulted in job losses, according to a recent study.
In stock market news, the Nasdaq saw a rise of 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. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, has declared Harris as the Democratic nominee for president, while PredictIt from New Zealand forecasts that she may become the 47th president of the United States.
In the technology sector, Nvidia’s shares climbed by 4% when it was revealed 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 for the rollout of the chip, tentatively named “B20,” anticipated to begin shipping in the second quarter of 2025.
Tesla’s stock experienced a near 5% surge just a day before its earnings report, where CEO Elon Musk is expected to address the company’s postponed robotaxi release. Musk indicated on social media that Tesla aims to have operational humanoid robots for internal use next year, with the potential for broader production by 2026.
Meanwhile, CrowdStrike is still facing challenges following a significant global tech outage attributed to their services. The cybersecurity firm reported that many of the 8.5 million impacted Windows devices are gradually coming back online. However, CrowdStrike’s stock was down over 13% on Monday, trading around $263.
Verizon’s shares fell nearly 6% after the company released its quarterly earnings report, which showed it missed revenue expectations. The decline in customers upgrading their phones has negatively affected telecom service providers. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analyst estimates of $33.06 billion, with earnings per share meeting expectations at $1.15.