Disney is currently seeking a successor to Bob Iger, with a Morgan Stanley executive leading the search.
On Monday afternoon, the Nasdaq rose by 1.5%, gaining 277 points, following President Joe Biden’s announcement that he would not seek re-election and his endorsement of 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 realm of political predictions, the crypto-based betting platform Polymarket favors Harris as the Democratic nominee, while PredictIt forecasts her as the potential 47th president of the United States.
In corporate news, Nvidia saw its shares rise by 4% after reports indicated that the company is working on a version of its new Blackwell AI chips designed for the Chinese market. Nvidia is expected to collaborate with local distributor Inspur to launch the chip, referred to as the “B20,” which is projected to begin shipping in the second quarter of 2025. Nvidia has not commented on this development.
Tesla’s stock jumped nearly 5% the day before its earnings report, during which CEO Elon Musk is anticipated to share details about the company’s postponed robotaxi launch. Musk indicated on X that Tesla plans to have operational humanoid robots in limited production for internal use next year and aims for larger production for external clients by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in a significant global tech outage, continues to recover from the incident. The company reported that a considerable number of the affected 8.5 million Windows devices are now back online. Despite this progress, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Verizon faced a nearly 6% decline in its stock following the release of its quarterly earnings report, which missed revenue estimates. The telecommunications company has experienced a slowdown in upgrade rates as customers are retaining their old phones longer. Verizon reported second-quarter revenue of $32.8 billion, falling short of the $33.06 billion average estimate, with earnings per share at $1.15, matching expectations.