AT&T is divesting its ownership stake in DirecTV
On Monday afternoon, the Nasdaq Composite Index rose by 1.5%, or 277 points, following President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 both saw gains of 0.3% and 1.1%, respectively.
The cryptocurrency betting platform Polymarket has backed Harris as the likely Democratic presidential nominee, while New Zealand’s PredictIt predicts she may become the 47th President of the United States.
Nvidia makes moves in China
Shares of Nvidia climbed nearly 4% after news emerged that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is reportedly collaborating with local distributor Inspur to launch the chip, tentatively named “B20,” with shipments expected to begin in the second quarter of 2025. Nvidia has not commented on the report.
Tesla stock jumps ahead of earnings report
Tesla’s stock jumped almost 5% the day before its much-anticipated earnings report, during which CEO Elon Musk is expected to provide updates on the delayed rollout of the company’s robotaxi service.
“Tesla will have genuinely useful humanoid robots in low production for internal use next year and, hopefully, high production for external companies in 2026,” Musk stated on social media.
CrowdStrike still recovering after tech outage
CrowdStrike, the cybersecurity firm associated with Friday’s widespread tech outage, is still working through the ramifications of the incident, although the situation is gradually stabilizing.
“Out of approximately 8.5 million affected Windows devices, a considerable number have returned online and are operational,” the company said in a post on social media late Sunday. However, CrowdStrike’s stock was down over 13% on Monday afternoon, trading around $263.
Verizon shares fall after earnings report
Verizon experienced a sharp decline of nearly 6% in the afternoon following the release of its quarterly earnings report. The telecommunications giant fell short of its revenue projections, as many customers are opting to retain their older phones for extended periods, which has negatively affected upgrade rates linked to promotional phone plans.
Verizon’s revenue for the second quarter totaled $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, while its earnings per share (EPS) stood at $1.15, aligning with expectations.