A recent study has indicated that California’s newly implemented $20 minimum wage for fast food workers did not result in job losses. On Monday afternoon, the Nasdaq rose by 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. Concurrently, the Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
The crypto betting platform Polymarket supports Harris as the leading Democratic nominee for president, while PredictIt predicts she will become the 47th president of the United States.
In corporate news, Nvidia’s shares climbed by 4% after it was revealed that the company is working on a version of its Blackwell AI chips for the Chinese market. Nvidia plans to partner with local distributor Inspur to launch the new chip, tentatively named “B20,” which is expected to begin shipping in the second quarter of 2025. Nvidia has not provided a comment regarding this development.
Meanwhile, Tesla’s stock rose nearly 5% just one day ahead of its anticipated earnings report, during which CEO Elon Musk is expected to discuss the company’s much-delayed robotaxi concept. Musk stated on X that Tesla plans to have functioning humanoid robots in low production for internal use next year, with hopes for higher production levels for outside companies by 2026.
CrowdStrike, the cybersecurity firm linked to the recent significant global tech outage, continues to address the aftermath, noting that a considerable number of the approximately 8.5 million affected Windows devices are now operational again. However, CrowdStrike’s stock dropped over 13%, trading at around $263 on Monday afternoon.
Verizon experienced a nearly 6% fall in its stock price following its quarterly earnings report, which revealed a miss in revenue estimates. The telecommunications giant attributed this decline to customers retaining their old phones for longer, negatively affecting upgrade rates tied to promotional plans. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, with earnings per share matching expectations at $1.15.