On Monday afternoon, the Nasdaq saw a rise of 1.5%, gaining 277 points. This increase followed President Joe Biden’s announcement of his withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw gains of 0.3% and 1.1%, respectively.
The crypto betting platform Polymarket supports Harris as the Democratic nominee for president, while New Zealand-based PredictIt suggests that she may become the 47th president of the United States.
Nvidia’s shares rose by 4% after reports indicated that the company is creating a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with Chinese distributor Inspur to introduce the chip, which is tentatively named the “B20,” with an expected shipping date in the second quarter of 2025.
Tesla’s stock surged nearly 5% ahead of its upcoming earnings report, where Elon Musk is anticipated to discuss the delays surrounding the company’s robotaxi project. Musk stated on social media that Tesla plans to produce humanoid robots for internal use next year, with hopes for wider production for external companies by 2026.
CrowdStrike, the cybersecurity firm involved in last Friday’s significant global tech outage, is experiencing ongoing effects from the incident. The company reported that a considerable number of the approximately 8.5 million impacted Windows devices are being restored and are operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% after releasing its quarterly earnings report. The telecommunications company fell short of revenue expectations, attributing the decline to customers keeping their old phones for longer, which negatively affects upgrade rates linked to promotional plans. Verizon reported a second-quarter revenue of $32.8 billion, slightly below the $33.06 billion anticipated by analysts, while its earnings per share met expectations at $1.15.