AT&T is divesting its ownership stake in DirecTV.
On Monday afternoon, the Nasdaq Composite Index rose by 1.5%, adding 277 points, in the wake of President Joe Biden’s withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. During the same time, the Dow Jones Industrial Average and the S&P 500 increased by 0.3% and 1.1%, respectively.
The prediction market Polymarket has endorsed Harris as the Democratic nominee for president, while the New Zealand-based platform PredictIt anticipates her becoming the 47th president of the United States.
In other market news, Nvidia shares rose by 4% following reports that the company is developing a version of its new Blackwell AI chips for the Chinese market. Nvidia is said to be collaborating with local partner Inspur to launch and distribute the chip, tentatively named “B20,” which is expected to start shipping in the second quarter of 2025. Nvidia has not commented on the matter.
Tesla’s stock saw a nearly 5% rise ahead of its upcoming earnings report, during which Elon Musk is anticipated to discuss the delayed unveiling of the company’s robotaxi. Musk indicated on X that Tesla plans to have functional humanoid robots in low production for internal use next year and aims for high production for other companies by 2026.
CrowdStrike, the cybersecurity firm implicated in a significant global tech outage on Friday, is working to recover from the incident, which affected approximately 8.5 million Windows devices. The company reported that a considerable number of these devices are now online and operational. Nevertheless, CrowdStrike’s stock fell over 13% on Monday, trading near $263.
Verizon faced a nearly 6% drop in its stock price after releasing its quarterly earnings report, which revealed a revenue shortfall. The telecommunications giant reported second-quarter revenues of $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion. Its earnings per share (EPS) of $1.15 met expectations, but the company noted that an increasing number of customers are prolonging the use of their old phones, adversely affecting upgrade rates and promotional plans.