McDonald’s is facing its first lawsuit related to the recent E. coli outbreak associated with its Quarter Pounder burgers.
On the stock market front, Nasdaq saw an increase of 1.5%, gaining 277 points on Monday afternoon. This uptick followed President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. In addition, the Dow Jones Industrial Average and S&P 500 reported increases of 0.3% and 1.1%, respectively.
A betting platform, Polymarket, has also endorsed Harris as the potential Democratic nominee for president, while PredictIt from New Zealand predicts she could become the 47th president of the United States.
In tech news, Nvidia’s shares rose by 4% after reports indicated that the company is working on a version of its Blackwell AI chips specifically for the Chinese market. Nvidia is collaborating with local distribution partner Inspur to launch the chip, tentatively named “B20,” which is expected to ship in the second quarter of 2025.
Tesla’s stock surged by nearly 5% in anticipation of its earnings report, where CEO Elon Musk is expected to discuss the delayed unveiling of the company’s robotaxi. Musk noted on social media that Tesla plans to have limited production of humanoid robots for internal use next year and hopes to ramp up production for commercial use by 2026.
In cybersecurity, CrowdStrike continues to manage the aftermath of a significant global tech outage that occurred last week. The company reported that a substantial number of the 8.5 million Windows devices affected are now back online and operational. However, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Meanwhile, Verizon experienced a nearly 6% drop in stock value following the release of its quarterly earnings report, which showed that the company missed revenue estimates. This decline is attributed to customers retaining their old phones longer, impacting upgrade rates for promotional plans tied to new mobile lines. Verizon’s second-quarter revenue totaled $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, with earnings per share reported at $1.15, consistent with expectations.