Donald Trump and Kamala Harris are in a tight race for the support of crypto voters according to a poll conducted by Coinbase. The Nasdaq experienced a 1.5% increase, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement to withdraw from the presidential race on Sunday and endorse Vice President Harris. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.
The crypto betting platform Polymarket suggests that Harris is the favorite to be the Democratic nominee, while PredictIt, based in New Zealand, predicts Harris will become the 47th president of the United States.
In related market news, Nvidia shares rose by 4% after reports indicated the company is developing a new version of its Blackwell AI chips for the Chinese market. Nvidia is expected to collaborate with local distributor Inspur to launch the chip, referred to as the “B20,” with shipments anticipated to begin in the second quarter of 2025. Nvidia has not publicly commented on the report.
Tesla’s stock climbed nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to provide updates on the long-delayed robotaxi program. Musk stated on social media that Tesla will have some useful humanoid robots in low production for internal use next year and hopes for high production for other companies by 2026.
CrowdStrike, the cybersecurity firm involved in a significant global tech outage, is still recovering from the incident. As of late Sunday, many of the approximately 8.5 million Windows devices affected were back online and operational. However, CrowdStrike’s stock decreased over 13% on Monday afternoon, trading around $263.
Verizon’s stocks fell sharply by nearly 6% after reporting its quarterly earnings. The telecommunications giant did not meet revenue expectations, as many customers are keeping their old phones longer, which has reduced upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly less than the analysts’ average estimate of $33.06 billion, with earnings per share of $1.15, aligning with expectations.