On Monday afternoon, the Nasdaq Composite climbed 1.5%, gaining 277 points, following President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. In the same timeframe, the Dow Jones Industrial Average and the S&P 500 rose by 0.3% and 1.1%, respectively.
The crypto-driven betting platform Polymarket has indicated Harris as the presumptive Democratic nominee for president, while the New Zealand-based PredictIt anticipates she will become the 47th president of the United States.
Nvidia’s stock rose by 4% after a report emerged that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to partner with a local distributor, Inspur, to launch the new chip, referred to as the “B20,” with an expected shipping date in the second quarter of 2025. Nvidia has not commented on the report.
Tesla’s shares surged nearly 5% in anticipation of its earnings report, where CEO Elon Musk is expected to discuss the delay in the company’s robotaxi launch. Musk stated that Tesla will have “genuinely useful humanoid robots in low production for internal use next year and, hopefully, high production for other companies in 2026,” in a post on X.
Meanwhile, CrowdStrike, the cybersecurity firm involved in a significant global tech outage the previous Friday, continues to recover. According to a Sunday update on X, a substantial portion of the 8.5 million Windows devices affected are now operational. However, CrowdStrike’s stock experienced a drop of over 13%, trading around $263 on Monday.
Verizon faced a nearly 6% decline in its shares after releasing its quarterly earnings report, which fell short of revenue expectations due to customers keeping their older phones longer. Verizon reported second-quarter revenue of $32.8 billion, slightly below analysts’ estimates of $33.06 billion, while its earnings per share (EPS) matched expectations at $1.15.