Lawsuits, Earnings, and Stocks: What’s Brewing in the Market?

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

In other news, the Nasdaq increased by 1.5%, adding 277 points on Monday afternoon, following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. Both the Dow Jones Industrial Average and the S&P 500 also experienced gains, rising by 0.3% and 1.1%, respectively.

The crypto-based betting platform Polymarket has declared Harris as the Democratic nominee for president, while PredictIt, a New Zealand-based platform, forecasts that she will be the 47th president of the United States.

In a separate development, Nvidia’s shares rose by 4% in the afternoon after Reuters reported that the company is working on a version of its new Blackwell AI chips for the Chinese market. Nvidia is reportedly collaborating with local partner Inspur to launch the chip, tentatively named the “B20,” with expectations for shipping to begin in the second quarter of 2025. Nvidia has opted not to comment on this news.

Tesla’s stock jumped nearly 5% in anticipation of its upcoming earnings report, where CEO Elon Musk is expected to discuss updates regarding the company’s delayed robotaxi initiative. Musk stated on X that Tesla aims to have functional humanoid robots in limited production for internal use by next year, with hopes for more extensive production for other companies by 2026.

Meanwhile, CrowdStrike, the cybersecurity firm involved in Friday’s significant global tech outage, has reported that most of the affected approximately 8.5 million Windows devices are gradually getting back online. However, the company’s stock saw a decline of over 13% on Monday afternoon, trading around $263.

Verizon’s stock dropped nearly 6% following the release of its quarterly earnings report, which fell short of revenue estimates. The telecommunications giant reported a second-quarter revenue of $32.8 billion, slightly below the anticipated $33.06 billion, while its earnings per share (EPS) matched expectations at $1.15. The company attributed the shortfall to customers retaining their older phones for longer, impacting upgrade rates associated with new promotional plans.

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