Jerome Powell may significantly influence market movements with a key statement at the upcoming Jackson Hole meeting, according to strategists.
On Monday afternoon, the Nasdaq saw a 1.5% increase, gaining 277 points, following President Joe Biden’s announcement to withdraw from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
Market forecasting platform Polymarket suggests that Harris is favored as the Democratic presidential nominee, while PredictIt, based in New Zealand, predicts she may become the 47th president of the United States.
In technology news, shares of Nvidia rose by 4% after reports indicated the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. The new chip, referred to as the “B20,” is expected to launch in partnership with local distributor Inspur, with shipments anticipated to begin in the second quarter of 2025. Nvidia has refrained from commenting on the matter.
Tesla’s stock jumped nearly 5% ahead of its earnings report, with Elon Musk expected to discuss the delayed rollout of the company’s robotaxi. Musk mentioned on social media that Tesla intends to produce functional humanoid robots for internal use next year, with plans for broader production by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm behind a recent global tech outage, continued to feel the repercussions of the incident. The company reported that a significant portion of the approximately 8.5 million affected Windows devices has returned online. However, CrowdStrike’s stock was down over 13% on Monday afternoon, trading around $263.
Verizon’s stock fell nearly 6% following its quarterly earnings report, in which the telecommunications giant failed to meet revenue expectations. A trend of customers keeping their old phones longer has negatively affected upgrade rates, impacting Verizon’s revenue, which totaled $32.8 billion, slightly below the anticipated $33.06 billion. The company’s earnings per share aligned with projections at $1.15.