The Nasdaq Composite rose by 1.5%, gaining 277 points on Monday afternoon after President Joe Biden announced his withdrawal from the presidential race and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
In political betting, the crypto-based platform Polymarket predicts Harris will be the Democratic nominee for president, while PredictIt believes she will become the 47th president of the United States.
Nvidia’s stock experienced a 4% increase in the afternoon following a report from Reuters about the company’s plans to develop a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is expected to collaborate with local partner Inspur to launch the chip, referred to as the “B20,” in China, with shipments anticipated to begin in the second quarter of 2025.
Tesla’s stock surged nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to provide updates on the much-anticipated robotaxi unveiling. Musk shared on X that Tesla plans to have useful humanoid robots in low production for internal use next year, aiming for higher production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm responsible for the recent global tech outage, is still facing challenges but reported that many of the affected 8.5 million Windows devices are gradually coming back online. Despite this, CrowdStrike’s stock fell over 13%, trading around $263 on Monday afternoon.
Verizon saw a nearly 6% drop in stock following the release of its quarterly earnings report, which indicated a revenue shortfall as customers are retaining their old phones longer. Verizon reported second-quarter revenue of $32.8 billion, just shy of analysts’ expectations of $33.06 billion, while its earnings per share (EPS) matched forecasts at $1.15.