The Nasdaq composite surged by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average rose by 0.3%, while the S&P 500 increased by 1.1%.
The crypto betting platform Polymarket is now backing Harris as the Democratic nominee for president, while another platform, PredictIt, forecasts that she will become the 47th President of the United States.
In the tech sector, Nvidia shares rose by 4% after reports surfaced that the company is developing a version of its new Blackwell AI chips for the Chinese market. Nvidia is set to collaborate with local distributor Inspur to launch the chip, reportedly named the “B20,” anticipated to begin shipping in the second quarter of 2025. The company did not provide further comments.
Tesla’s stock soared nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to address the delay in the company’s robotaxi launch. Musk stated on X that Tesla aims to have functional humanoid robots available for internal use next year, with plans for high production for external companies by 2026.
CrowdStrike, the cybersecurity firm involved in the recent global tech outage, is still trying to recover from the incident. The company reported that many of the approximately 8.5 million affected Windows devices are now operational again. However, CrowdStrike’s stock fell more than 13% on Monday, trading around $263.
On the other hand, Verizon’s stock dropped nearly 6% following its quarterly earnings report, which revealed that the telecom company fell short of revenue estimates as customers opted to retain their old phones longer, affecting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the expected $33.06 billion, with an earnings per share (EPS) of $1.15, aligning with forecasts.