Disney is currently on the lookout for a replacement for Bob Iger, with an executive from Morgan Stanley leading the search.
On Monday afternoon, the Nasdaq composite rose by 1.5%, gaining 277 points after President Joe Biden announced his exit from the presidential race on Sunday, endorsing Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also made gains, increasing by 0.3% and 1.1% respectively.
In the prediction markets, Polymarket favors Kamala Harris as the Democratic nominee, while PredictIt suggests she may become the 47th president of the United States.
In the tech sector, Nvidia’s shares rose by 4% after reports indicated the company is creating a new version of its Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local partner Inspur to introduce a chip referred to as the “B20,” expected to begin shipping in the second quarter of 2025. Nvidia has chosen not to comment on the reports.
Tesla’s stock experienced a nearly 5% surge a day before its earnings report, where Elon Musk is anticipated to update investors on the delayed launch of the company’s robotaxi. Musk stated on X that Tesla plans to produce useful humanoid robots for internal use in 2024 and hopes to achieve full-scale production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to a significant global tech outage on Friday, was still dealing with the ramifications days later. They reported that a large number of the approximately 8.5 million affected Windows devices are now back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon.
Verizon faced a nearly 6% decline in its stock following the release of its quarterly earnings report, which fell short of revenue expectations. Customers are reportedly keeping their old phones longer, impacting upgrade rates for telecom companies. Verizon reported second-quarter revenue of $32.8 billion, slightly below analysts’ predictions of $33.06 billion, with earnings per share aligning with expectations at $1.15.