Jerome Powell’s upcoming keynote speech at the Jackson Hole Economic Symposium on Friday is anticipated to significantly impact financial markets. Investors are gearing up for insights that could influence economic outlooks.
In the latest market developments, the Nasdaq composite rose 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, increasing by 0.3% and 1.1% respectively.
Market predictions support Harris as the Democratic presidential nominee, with platforms such as Polymarket and PredictIt suggesting she could potentially become the 47th president of the United States.
In the tech sector, Nvidia’s shares climbed 4% after reports that the company is working on an AI chip for the Chinese market, partnering with local distributor Inspur for the chip, called the “B20,” slated to ship in the second quarter of 2025.
Tesla’s stock price rose nearly 5% as investors anticipated its earnings report, wherein CEO Elon Musk is expected to discuss updates on the delayed robotaxi unveiling. Musk also mentioned the production timeline for humanoid robots intended for internal use.
CrowdStrike, the cybersecurity firm involved in a recent global tech disruption, is slowly recovering with many affected devices back online. Despite this, its stock was down over 13%, hovering around $263 in afternoon trading.
Verizon’s stock took a hit, dropping nearly 6% after falling short of revenue expectations in its quarterly report. Customers are reportedly keeping their phones for longer, which has impacted the company’s ability to drive upgrades and affect promotional strategies. Verizon reported second-quarter revenue of $32.8 billion, slightly below analysts’ forecast of $33.06 billion, with earnings per share at $1.15, meeting expectations.