McDonald’s is facing its first lawsuit linked to the recent E. coli outbreak associated with its Quarter Pounder burger.
On the financial front, Nasdaq saw a rise of 1.5%, gaining 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. The Dow Jones Industrial Average and S&P 500 also showed positive gains, increasing by 0.3% and 1.1%, respectively.
In the political betting arena, Polymarket has endorsed Harris as the likely Democratic nominee for president, while the New Zealand-based PredictIt platform predicts that she is poised to become the 47th president of the United States.
In corporate news, Nvidia’s shares rose by 4% after reports surfaced that the company is developing a new version of its Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local distribution partner Inspur to introduce and sell the chip, known as the “B20,” with expectations for shipping to commence in the second quarter of 2025. The company has not provided any comment on this development.
Tesla’s stock experienced a nearly 5% increase a day before its earnings report, where CEO Elon Musk is anticipated to discuss the delayed launch of the company’s robotaxi service. Musk mentioned on social media that Tesla aims to have operational humanoid robots for internal use by next year, with plans for broader production by 2026.
CrowdStrike, the cybersecurity firm responsible for Friday’s significant global tech outage, is still feeling the aftereffects. However, the company reported that a substantial number of the 8.5 million impacted Windows devices are being restored to operation, although its stock fell over 13%, trading around $263.
Verizon’s stock dropped nearly 6% following its earnings report, which revealed quarterly revenue fell short of expectations. The decline is attributed to customers holding onto their old phones longer, affecting upgrade rates for telecom providers. Verizon’s revenue for the second quarter was reported at $32.8 billion, just below the average analyst estimate of $33.06 billion, with earnings per share (EPS) meeting expectations at $1.15.