On Monday afternoon, the Nasdaq experienced a boost of 1.5%, gaining 277 points, 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 slight increases of 0.3% and 1.1%, respectively.
In the realm of political predictions, the crypto-based betting platform Polymarket favors Harris as the Democratic nominee for president, while New Zealand’s PredictIt anticipates that she will become the 47th president of the United States.
Nvidia’s shares saw a 4% rise after reports indicated the company is developing a new version of its Blackwell AI chips aimed at the Chinese market. Nvidia plans to collaborate with local partner Inspur to introduce the chip, tentatively named the “B20,” which is expected to start shipping by the second quarter of 2025. The company has not commented on the matter.
Tesla’s stock surged nearly 5% ahead of its earnings report, with expectations that Elon Musk will update investors on the delayed launch of its robotaxi service. Musk communicated on X that Tesla plans to have useful humanoid robots in low production for internal use next year and aims for higher production for external companies by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage last Friday, is working to resolve the situation, with a number of the approximately 8.5 million impacted Windows devices reported to be operational again. Despite this, CrowdStrike’s stock fell over 13% during Monday afternoon trading, hovering around $263.
Verizon’s stock dropped nearly 6% after the company released its quarterly earnings report, which revealed it missed revenue expectations due to customers retaining their old phones longer than anticipated. In the second quarter, Verizon reported revenue of $32.8 billion, slightly below the analysts’ estimate of $33.06 billion, with earnings per share at $1.15, meeting expectations.