A recent survey reveals that most Americans do not feel wealthy with a net worth of one million dollars. In the financial markets, the Nasdaq rose by 1.5%, gaining 277 points on Monday afternoon. This uptick followed President Joe Biden’s announcement 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 increases, adding 0.3% and 1.1% respectively.
In political betting, the crypto-based platform Polymarket has placed its bets on Harris as the likely Democratic nominee, while PredictIt anticipates she could become the 47th president of the United States.
Meanwhile, Nvidia’s shares jumped by 4% after it was reported that the company is developing a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local partner Inspur for the chip’s launch in China, tentatively named “B20,” which is expected to start shipping in the second quarter of 2025.
Tesla’s stock surged nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to update investors on the company’s delayed robotaxi project. Musk stated that Tesla expects to have practical humanoid robots in limited production for internal use by next year and hopes to scale production for external companies by 2026.
On the downside, CrowdStrike continues to deal with the repercussions of a recent significant tech outage that affected approximately 8.5 million Windows devices, with many now back online. However, CrowdStrike’s stock has fallen over 13%, trading around $263.
Verizon experienced a nearly 6% drop in its stock following its quarterly earnings report, which showed revenues missed analysts’ expectations. Customers are reportedly holding onto their old phones for longer, impacting upgrade rates. Verizon’s revenue was recorded at $32.8 billion for the second quarter, slightly below the expected $33.06 billion, while earnings per share were in line with expectations at $1.15.