The Bank of Japan has decided not to increase interest rates, which has led to the resurgence of the yen carry-trade, according to a strategist.
On Monday afternoon, the Nasdaq 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. The Dow Jones Industrial Average rose 0.3%, while the S&P 500 increased by 1.1%.
The betting platform Polymarket has backed Harris as the Democratic nominee for president, and PredictIt from New Zealand is predicting that she will become the 47th president of the United States.
In corporate news, Nvidia’s stock rose 4% after reports indicated that the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to launch this chip, tentatively named the “B20,” which is expected to start shipping in the second quarter of 2025. Nvidia has not provided comments on this development.
Tesla saw its shares increase nearly 5% on the eve of its earnings report, during which CEO Elon Musk is expected to discuss the delayed unveiling of the company’s robotaxi. Musk shared on social media that Tesla anticipates having operational humanoid robots for internal use next year, with hopes for broader production by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in a significant global tech outage earlier last week, is still recovering. The company reported that many of the approximately 8.5 million affected Windows devices are now operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon’s stock dropped nearly 6% following the release of its quarterly earnings report, where the telecommunications giant fell short of revenue expectations. Customers have been delaying upgrades, adversely affecting Verizon’s promotional mobile plans. The company reported second-quarter revenue of $32.8 billion, just below the analysts’ average estimate of $33.06 billion, with earnings per share at $1.15, matching forecasts.