The Nasdaq experienced a 1.5% increase, gaining 277 points on Monday afternoon, following President Joe Biden’s exit from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, adding 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket supports Harris as the Democratic nominee for president, while PredictIt anticipates she will become the 47th president of the United States.
Nvidia’s stock rose by 4% in the afternoon after reports emerged that the company is creating a version of its new Blackwell AI chips specifically for the Chinese market. The chipmaker is partnering with local distributor Inspur to launch the chip, tentatively named the “B20,” with expectations of shipping starting in the second quarter of 2025. Nvidia did not comment on the matter.
Tesla’s shares surged nearly 5% a day before its earnings report is set to be released, during which CEO Elon Musk is expected to discuss the long-awaited robotaxi unveiling. Musk mentioned on X that “Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and, hopefully, high production for other companies in 2026.”
Meanwhile, CrowdStrike, the cybersecurity firm involved in Friday’s significant global tech outage, reported that it is still recovering, although many affected systems are coming back online. The company noted that a portion of the roughly 8.5 million Windows devices impacted is now operational. However, CrowdStrike shares fell over 13% in afternoon trading, hovering around $263.
Verizon’s stock fell nearly 6% after the telecommunications company disclosed its quarterly earnings report, which missed revenue expectations. The decline is attributed to customers retaining their older phones longer, negatively affecting upgrade rates for telecom providers offering new device promotions. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ expected $33.06 billion, with earnings per share (EPS) reported at $1.15, meeting expectations.