McDonald’s is facing its inaugural lawsuit stemming from the E. coli outbreak linked to its Quarter Pounder.
In other market news, the Nasdaq experienced a 1.5% increase, gaining 277 points on Monday afternoon. This rise followed President Joe Biden’s announcement that he would withdraw from the 2024 presidential race and endorse Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw gains of 0.3% and 1.1%, respectively.
The crypto betting platform Polymarket has endorsed Harris as the frontrunner for the Democratic nomination, while PredictIt, a New Zealand-based platform, predicts that she will become the next president of the United States.
In corporate developments, Nvidia’s shares climbed by 4% following a Reuters report that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia intends to partner with local distributor Inspur to roll out the chip, provisionally named the “B20,” with shipments expected to commence in the second quarter of 2025. The company has not provided any comments on the matter.
Meanwhile, Tesla’s stock rose nearly 5% just one day before its earnings report. CEO Elon Musk is anticipated to address the delays regarding the company’s robotaxi rollout during this update. Musk stated on X that Tesla aims to have functional humanoid robots for internal use by next year, with plans for broader production by 2026.
On the other hand, CrowdStrike, which was linked to a significant global tech outage last Friday, is still dealing with the repercussions of that event, although services are gradually returning to normal. The company reported that a number of the approximately 8.5 million Windows devices affected are now back online. However, CrowdStrike’s stock saw a decrease of over 13%, trading around $263 on Monday afternoon.
Verizon’s stock fell nearly 6% following the release of its quarterly earnings report. The telecommunications company reported lower-than-expected revenue as consumers are holding onto their devices longer, adversely affecting upgrade rates associated with promotional plans. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below the $33.06 billion analysts had predicted, with earnings per share matching expectations at $1.15.