McDonald’s is facing its first lawsuit related to the E. coli outbreak linked to its Quarter Pounder burgers.
In the stock market, Nasdaq climbed by 1.5%, gaining 277 points on Monday afternoon after President Joe Biden announced he would not seek re-election and endorsed Vice President Kamala Harris as his successor. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.
In political betting news, the crypto-based platform Polymarket has positioned Kamala Harris as the frontrunner for the Democratic nomination for president, while the New Zealand-based PredictIt forecasts that she could become the 47th president of the United States.
In technology stocks, Nvidia’s shares rose by 4% after reports surfaced that the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to partner with local distributor Inspur for the chip’s launch, tentatively named the “B20,” expected to begin shipping in the second quarter of 2025, though Nvidia did not confirm the details.
Tesla’s stock increased nearly 5% ahead of its upcoming earnings report. CEO Elon Musk indicated on social media that the company anticipates having usable humanoid robots in low production for its internal needs next year, with goals for broader production aimed at other companies by 2026.
On the other hand, CrowdStrike is still dealing with the repercussions of a significant global tech outage that impacted approximately 8.5 million Windows devices. The company reported that many of these devices are gradually coming back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon’s stock took a hit, dropping nearly 6% after announcing its quarterly results, which missed revenue expectations. This decline is attributed to customers retaining their old phones longer, negatively affecting upgrade rates for telecom companies. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, while earnings per share matched expectations at $1.15.