Disney is currently in search of a successor to Bob Iger, with a Morgan Stanley executive leading the effort for a replacement. On Monday afternoon, the Nasdaq climbed by 1.5%, gaining 277 points, following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw modest increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket is backing Harris as the likely Democratic nominee, while PredictIt anticipates she will become the 47th president of the United States.
In other market news, Nvidia’s stock 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 partner with local distributor Inspur to release the chip, tentatively named “B20,” with shipments anticipated to begin in the second quarter of 2025. Nvidia has not commented on the report.
Tesla’s shares surged nearly 5% ahead of its impending earnings report, where CEO Elon Musk is expected to discuss the delayed launch of the company’s robotaxi. Musk announced on social media that Tesla is on track to have humanoid robots in low production for internal use next year.
CrowdStrike, the cybersecurity firm responsible for the recent large-scale tech outage, is slowly recovering from the incident. The company reported that a significant number of the 8.5 million Windows devices affected are now operational again, but their stock price dropped over 13%, trading around $263 on Monday.
Verizon experienced a nearly 6% decline in its stock following the release of its quarterly earnings report, which fell short of revenue expectations. The telecommunications company reported second-quarter revenues of $32.8 billion, below the analysts’ average estimate of $33.06 billion, while its earnings per share (EPS) matched expectations at $1.15. The company’s struggles stem from customers keeping their old phones longer, affecting upgrade rates for telecom providers.