California’s recently implemented $20 minimum wage for fast food workers has not led to job losses, according to a new study. On Monday afternoon, Nasdaq saw an increase of 1.5%, gaining 277 points, following President Joe Biden’s announcement that he would withdraw from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also experienced gains, rising 0.3% and 1.1%, respectively.
The betting platform Polymarket is backing Harris as the Democratic nominee, while New Zealand-based PredictIt forecasts that she could become the 47th president of the United States.
Nvidia’s shares climbed by 4% after reports indicated the company is creating a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is partnering with the local distributor Inspur to launch and sell the chip, known tentatively as the “B20,” with shipments expected to begin in the second quarter of 2025, although Nvidia has chosen not to comment on the matter.
Tesla’s stock jumped nearly 5% a day before its earnings report, during which CEO Elon Musk is expected to announce further details regarding the company’s postponed robotaxi launch. Musk shared on social media that Tesla plans to have prototype humanoid robots available for internal use next year, with hopes for larger-scale production for other companies by 2026.
CrowdStrike, the cybersecurity firm involved in last Friday’s significant global tech outage, is continuing to address the aftermath. The company stated that a large portion of the approximately 8.5 million impacted Windows devices has now returned to service. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon’s stock also took a hit, dropping nearly 6% after the company released its quarterly earnings report. Verizon reported second-quarter revenue of $32.8 billion, just shy of analysts’ predictions of $33.06 billion, while earnings per share matched expectations at $1.15. The decline is attributed to customers opting to keep their old phones longer, affecting upgrade rates for telecom companies.