Trump Media’s stock dropped by 7% after the company reported another quarterly loss. Meanwhile, the Nasdaq experienced a rise of 1.5%, adding 277 points on Monday afternoon, following President Joe Biden’s announcement that he would not seek reelection and his endorsement of Vice President Kamala Harris. Additionally, the Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, has placed its support behind Harris as the Democratic nominee, while the prediction platform PredictIt anticipates that she will become the 47th president of the United States.
In market news, Nvidia’s stock rose by 4% after reports indicated the company is working on a new version of its Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with Inspur, a local distribution partner, to introduce the chip, named the “B20,” with an expected shipping date in the second quarter of 2025. Nvidia has not commented on the report.
Tesla’s stock surged nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to discuss the delays surrounding the company’s robotaxi launch. Musk shared on social media that Tesla expects to produce useful humanoid robots for internal use next year, with a potential ramp-up for external use by 2026.
CrowdStrike, which experienced a significant global tech outage last Friday, reported that many of the 8.5 million affected Windows devices are gradually coming back online. However, the company’s stock remained down over 13% on Monday afternoon, trading near $263.
Verizon’s stock fell nearly 6% after the company released its quarterly earnings report. The telecommunications giant missed revenue expectations as customers are opting to keep their older phones for longer, affecting upgrade rates tied to promotional plans. Verizon’s second-quarter revenue came in at $32.8 billion, slightly below the $33.06 billion analysts had anticipated, with earnings per share meeting expectations at $1.15.