On Monday afternoon, the Nasdaq increased by 1.5%, gaining 277 points, following President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 saw gains of 0.3% and 1.1%, respectively.
The cryptocurrency betting platform Polymarket supports Harris as the Democratic nominee, while the New Zealand-based PredictIt forecasts her to be the 47th president of the United States.
Nvidia’s shares rose by 4% after reports revealed that the company is developing a version of its new Blackwell AI chips intended for the Chinese market. Nvidia is expected to collaborate with a local distribution partner, Inspur, to launch the chip, referred to as the “B20,” in China, with shipments anticipated to start in the second quarter of 2025. Nvidia has not commented on the matter.
Tesla’s stock increased by nearly 5% just a day before its earnings report, where CEO Elon Musk is expected to update on the delayed robotaxi launch. Musk stated on X that Tesla plans to have functional humanoid robots in limited production for internal use next year, and hopes to achieve larger production for other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage last Friday, is still recovering from the incident. The company reported that a large number of the approximately 8.5 million affected Windows devices are now operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% following its quarterly earnings report, which missed revenue expectations due to customers retaining their old devices for longer periods. This trend has negatively influenced upgrade rates amid promotional offers from telecom companies. Verizon’s second-quarter revenue stood at $32.8 billion, falling short of the average analyst estimate of $33.06 billion, while its earnings per share (EPS) met expectations at $1.15 per share.