On Monday afternoon, the Nasdaq saw a rise of 1.5%, gaining 277 points, following President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 experienced increases of 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, has placed its support behind Harris as the Democratic candidate, and PredictIt, based in New Zealand, forecasts that she will become the 47th president of the United States.
Nvidia’s stock experienced a 4% increase after reports emerged that the company is developing a version of its Blackwell AI chips tailored for the Chinese market. Nvidia is said to be partnering with local distributor Inspur to introduce the chip, tentatively named “B20,” expected to begin shipping in the second quarter of 2025. The company has not commented on this development.
Tesla’s stock rose nearly 5% ahead of its forthcoming earnings report, where CEO Elon Musk is anticipated to discuss the delayed introduction of the robotaxi. Musk stated on X that Tesla plans to have operational humanoid robots for internal use by next year and aims for broader production for external use by 2026.
On the other hand, CrowdStrike is still facing challenges following a significant global tech outage attributed to the cybersecurity firm. The company reported that many of the nearly 8.5 million Windows devices affected are gradually returning to service, but CrowdStrike’s stock fell over 13% and was trading around $263 on Monday afternoon.
Verizon’s stock dropped nearly 6% after the company released its quarterly report, which fell short of revenue projections due to customers opting to retain their older phones longer, negatively impacting upgrade rates. Verizon reported a second-quarter revenue of $32.8 billion, slightly lower than the analysts’ average expectation of $33.06 billion, with an earnings per share (EPS) of $1.15, meeting predictions.