E. Coli Lawsuit and Stock Market Surges: What’s Behind the Headlines?

McDonald’s is facing its first lawsuit connected to the recent E. coli outbreak linked to its Quarter Pounder sandwiches.

On the stock market front, the Nasdaq rose by 1.5%, gaining 277 points on Monday afternoon. This increase followed President Joe Biden’s announcement that he would not seek reelection and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.

In the realm of political predictions, the crypto-based betting platform Polymarket currently favors Harris as the likely Democratic nominee for president, while New Zealand’s PredictIt suggests she may become the 47th President of the United States.

Nvidia’s stocks increased by 4% on Monday after reports emerged that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Sources indicate that Nvidia will collaborate with a local partner, Inspur, for the anticipated launch of the “B20” chip, expected to ship in the second quarter of 2025. Nvidia has refrained from making public comments on this development.

Tesla’s stock surged by nearly 5% ahead of its upcoming earnings report, during which CEO Elon Musk is expected to discuss the company’s delayed robotaxi plans. Musk tweeted that Tesla is on track to produce useful humanoid robots for internal use in 2024, with broader production for other companies slated for 2026.

In contrast, CrowdStrike, the cybersecurity firm involved in a major global tech outage earlier, is still addressing the consequences days later. The company reported that a substantial portion of the approximately 8.5 million affected Windows devices is now operational again, though CrowdStrike’s stock fell over 13% to about $263.

Verizon’s shares dropped nearly 6% after the company disclosed its quarterly earnings, which fell short of market expectations due to slower upgrade rates as customers are opting to keep their current phones for longer. Verizon’s second-quarter revenue reached $32.8 billion, just under the analysts’ average estimate of $33.06 billion, while earnings per share (EPS) met expectations at $1.15 per share.

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