California’s implementation of a $20 minimum wage for fast food workers has not led to job losses, according to a recent study.
On Monday afternoon, the Nasdaq Composite Index rose 1.5%, gaining 277 points, following President Joe Biden’s exit from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 experienced increases of 0.3% and 1.1%, respectively.
In political betting, the crypto-based platform Polymarket is backing Harris as the Democratic presidential nominee, and New Zealand’s PredictIt predicts she will become the 47th president of the United States.
Nvidia’s stock climbed by 4% after news emerged that the company is developing a new version of its Blackwell AI chips for the Chinese market, collaborating with local partner Inspur to sell the chip, tentatively named “B20.” This product is expected to start shipping in the second quarter of 2025, although Nvidia has refrained from making any official comments on the matter.
Tesla’s stock jumped nearly 5% ahead of its upcoming earnings report, during which CEO Elon Musk is anticipated to discuss updates regarding the company’s delayed robotaxi project. Musk mentioned on social media that Tesla aims to have “genuinely useful humanoid robots” in limited production by next year, with hopes for more extensive production by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in a major tech outage last Friday, reported that recovery efforts are underway following the incident. The company noted that a substantial number of the 8.5 million impacted Windows devices are back online. Nonetheless, CrowdStrike’s stock was down over 13% in Monday afternoon trading, hovering around $263.
Verizon’s stock fell nearly 6% after the company released its quarterly earnings report. The telecommunications giant fell short of revenue expectations due to a trend where customers are retaining their old phones longer, impacting upgrade rates tied to promotional plans. Verizon’s second-quarter revenue reached $32.8 billion, below the analysts’ forecast of $33.06 billion, while its earnings per share remained consistent at $1.15.