Trump Media stock continues to decline
Trump Media stock is currently experiencing a significant downturn.
On Monday afternoon, the Nasdaq composite rose by 1.5%, gaining 277 points, following President Joe Biden’s announcement that he is withdrawing from the presidential race and endorsing Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 gained 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket has placed Harris as the favorite for the Democratic nomination for president, while PredictIt, a platform based in New Zealand, predicts she will be the 47th president of the United States.
Nvidia targets the Chinese market
Nvidia saw a 4% increase in its share price after Reuters reported the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. The company is expected to partner with a local distributor, Inspur, to launch and sell the chip, informally known as the “B20,” expected to start shipping in the second quarter of 2025. Nvidia has yet to comment on these reports.
Tesla gains ahead of earnings announcement
Tesla’s stock rose nearly 5% the day before the company’s earnings announcement, where CEO Elon Musk is anticipated to share updates regarding the delayed rollout of its robotaxi service.
Musk mentioned on X that “Tesla will have genuinely useful humanoid robots in low production for internal use next year and, hopefully, in high production for other companies by 2026.”
CrowdStrike faces ongoing challenges
CrowdStrike, the cybersecurity firm responsible for the major global tech outage that occurred recently, is still dealing with the aftermath, although operations are slowly returning to normal.
The company reported on X that a significant number of the approximately 8.5 million affected Windows devices are now back online and operational. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experiences stock drop after earnings release
Verizon’s stock dropped nearly 6% following its quarterly earnings report, which revealed that the telecommunications firm missed revenue expectations as customers are keeping their old phones for extended periods. This trend has adversely affected the upgrade rates for telecom companies offering new promotional plans with mobile lines.
Verizon posted second-quarter revenue of $32.8 billion, slightly lower than the analysts’ expectations of $33.06 billion, while its earnings per share (EPS) matched expectations at $1.15 per share.