California’s recently implemented $20 minimum wage for fast food workers has not resulted in job losses, according to a study.
On Monday afternoon, the Nasdaq composite rose by 1.5%, gaining 277 points, following President Joe Biden’s announcement of his withdrawal from the presidential race. Biden endorsed Vice President Kamala Harris to succeed him. Meanwhile, the Dow Jones Industrial Average increased by 0.3%, and the S&P 500 climbed by 1.1%.
The crypto betting platform Polymarket has projected Harris as the Democratic nominee for president, while PredictIt, based in New Zealand, anticipates she will become the 47th president of the United States.
In market news, Nvidia shares jumped 4% after reports emerged that the company is creating a version of its new Blackwell AI chips tailored for China. Nvidia is partnering with local distributor Inspur for the launch of the “B20” chip, which is expected to begin shipping in the second quarter of 2025. The company has refrained from commenting on the matter.
Tesla’s stock also experienced a nearly 5% surge ahead of its earnings report, where CEO Elon Musk is expected to discuss the company’s delayed robotaxi rollout. Musk stated on social media that Tesla plans to have low production of humanoid robots for internal purposes next year and aims for broader production for other companies by 2026.
CrowdStrike is still recovering from the significant global tech outage that occurred last Friday. The cybersecurity firm reported that many of the approximately 8.5 million affected Windows devices are now operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
In telecommunications, Verizon’s stock dropped nearly 6% following its quarterly earnings report, which indicated a shortfall in revenue estimates. The company attributed this decline to customers keeping their old phones longer, resulting in fewer upgrades for promotional plans linked to new phone lines. Verizon reported second-quarter revenues of $32.8 billion, slightly below the expected $33.06 billion, with earnings per share matching estimates at $1.15.