McDonald’s is facing its first lawsuit due to the E. coli outbreak linked to its Quarter Pounder burgers.
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 on Sunday that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, increasing by 0.3% and 1.1% respectively.
The crypto-based betting platform Polymarket has backed Harris as the Democratic presidential nominee, while PredictIt, based in New Zealand, predicts she will become the 47th president of the United States.
In technology news, Nvidia’s shares climbed 4% after reports indicated that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. The company is set to partner with the local distributor Inspur for the launch and sale of the chip, tentatively named the “B20,” which is expected to begin shipping in the second quarter of 2025. Nvidia has chosen not to comment on the matter.
Tesla’s stock experienced a nearly 5% surge a day before its earnings report, during which CEO Elon Musk is anticipated to provide updates on the company’s delayed robotaxi introduction. Musk stated on X that Tesla plans to have functional humanoid robots in low production next year and aims for higher production for other companies by 2026.
Meanwhile, cybersecurity firm CrowdStrike is still dealing with the repercussions from a massive global tech outage. The company reported that a significant number of the roughly 8.5 million affected Windows devices are returning to operational status. However, CrowdStrike’s stock was down over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% decline following the release of its quarterly earnings report, which revealed that the company had missed its revenue estimates. Customers are keeping their old phones longer, negatively impacting upgrade rates for telecommunications companies that provide promotional plans alongside new mobile lines. Verizon reported second-quarter revenue of $32.8 billion, just below analysts’ expectations of $33.06 billion, with earnings per share (EPS) of $1.15, meeting forecasts.