The Nasdaq Composite Index increased by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s exit from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, rising by 0.3% and 1.1%, respectively.
The betting platform Polymarket has endorsed Harris as the Democratic nominee for president, while the New Zealand-based PredictIt predicts she will become the 47th president of the United States.
In the tech sector, Nvidia’s stock rose by 4% after reports emerged that the company is creating a version of its new Blackwell AI chips for the Chinese market. Nvidia is collaborating with local distributor Inspur to launch and sell the B20 chip, expected to start shipping in the second quarter of 2025. Nvidia did not provide any comment on the report.
Tesla’s share price jumped nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to discuss the delayed unveiling of the company’s robotaxi. In a statement on X, Musk mentioned that Tesla will have humanoid robots in low production for internal use next year, with higher production aimed for other companies by 2026.
CrowdStrike, the cybersecurity firm involved in last week’s significant global tech outage, is still dealing with the aftermath. The company stated that many of the approximately 8.5 million affected Windows devices are now operational again. However, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Verizon’s stock dropped nearly 6% following the release of its quarterly earnings report, which showed that the company missed revenue estimates as customers are retaining older phones for longer, impacting upgrade rates. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below the expected $33.06 billion, while its earnings per share matched expectations at $1.15.