California’s newly implemented $20 minimum wage for fast food workers has not resulted in job losses, according to a recent study.
On Monday afternoon, the Nasdaq Composite rose by 1.5%, adding 277 points after President Joe Biden announced his withdrawal from the presidential race and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also increased by 0.3% and 1.1%, respectively.
Polymarket, a crypto betting platform, supports Harris as the Democratic nominee, while PredictIt predicts she will become the 47th president of the United States.
Nvidia shares climbed approximately 4% following reports that the company is creating a version of its Blackwell AI chips for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to introduce and sell the B20 chip, expected to start shipments in the second quarter of 2025. The company declined to provide further comments.
Tesla’s stock increased nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to discuss the delays in the rollout of the company’s robotaxi service. Musk stated, “Tesla will have genuinely useful humanoid robots in low production for internal use next year and, hopefully, high production for other companies in 2026.”
Meanwhile, CrowdStrike, the cybersecurity firm linked to Friday’s widespread global tech outage, continues to address the aftermath. The company noted that a significant portion of the approximately 8.5 million affected Windows devices is now operational again. However, CrowdStrike shares fell over 13% to around $263 in afternoon trading.
Verizon experienced a nearly 6% decline following its quarterly earnings report, which fell short of revenue estimates. The company attributed the shortfall to customers keeping their old phones longer, thereby affecting upgrade rates. Verizon’s second-quarter revenue reached $32.8 billion, just below analysts’ average prediction of $33.06 billion. Its earnings per share (EPS) stood at $1.15, matching expectations.