Donald Trump and Kamala Harris are competing closely for the support of cryptocurrency voters, according to a recent poll by Coinbase. On Monday afternoon, the Nasdaq Composite rose by 1.5%, gaining 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Harris. The Dow Jones Industrial Average and the S&P 500 also saw increases of 0.3% and 1.1%, respectively.
The crypto betting platform Polymarket is backing Harris as the Democratic nominee, while PredictIt, based in New Zealand, forecasts that she could become the 47th president of the United States.
In other news, shares of Nvidia climbed by 4% after reports indicated the company is developing a variant of its new Blackwell AI chips for the Chinese market. Nvidia will collaborate with local partner Inspur for the planned launch of the chip, referred to as the “B20,” which is expected to start shipping in the second quarter of 2025. The company has not commented on this development.
Tesla’s stock jumped nearly 5% ahead of its earnings report, where CEO Elon Musk is anticipated to discuss the delayed robotaxi project. Musk stated on X that Tesla plans to have usable humanoid robots in low production for internal purposes next year, with hopes for higher production rates for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in Friday’s significant global tech disruption, continues to manage the repercussions. They reported that a notable number of the approximately 8.5 million affected Windows devices are now back online and functioning. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% following its quarterly earnings report, which missed revenue forecasts. The trend of customers retaining their old phones longer has negatively affected upgrade rates for telecom businesses that provide promotional plans. In the second quarter, Verizon reported $32.8 billion in revenue, slightly below analysts’ average estimate of $33.06 billion, while earnings per share were reported at $1.15, aligning with expectations.