McDonald’s is facing its first lawsuit related to the E. coli outbreak linked to its Quarter Pounder burgers.
In the stock market, the Nasdaq rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement that he would not seek re-election and his support for Vice President Kamala Harris as the Democratic nominee. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket has given odds favoring Harris for the Democratic nomination, while PredictIt, based in New Zealand, forecasts that she will become the 47th president of the United States.
Nvidia shares climbed by 4% after reports emerged that the company is developing Blackwell AI chips specifically for the Chinese market. Nvidia is expected to partner with local distributor Inspur to launch the anticipated “B20” chip, with shipping expected to begin in the second quarter of 2025. The company did not provide further comments on the matter.
Tesla’s stock experienced a nearly 5% surge one day before its earnings report, where CEO Elon Musk is anticipated to discuss updates on the delayed rollout of its robotaxi service. Musk stated on social media that Tesla hopes to produce a limited number of humanoid robots for internal use next year and potentially ramp up production for external clients by 2026.
On a less positive note, cybersecurity firm CrowdStrike is still dealing with the aftermath of a significant global tech outage that took place last Friday. The company reported that out of approximately 8.5 million affected Windows devices, many have returned to online operation. CrowdStrike’s stock has fallen over 13% as of Monday afternoon, trading around $263.
Verizon shares dipped nearly 6% following the release of its quarterly earnings report, which revealed that the company had missed revenue expectations. This decline is attributed to customers holding on to their existing phones longer, impacting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below analysts’ expectations of $33.06 billion, while earnings per share were in line with projections at $1.15.