A recent study has revealed that California’s new $20 minimum wage for fast food workers has not resulted in job losses.
On Monday afternoon, the Nasdaq climbed by 1.5%, gaining 277 points, following President Joe Biden’s announcement to withdraw from the presidential race and his endorsement of Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and the S&P 500 saw increases of 0.3% and 1.1%, respectively.
The betting platform Polymarket has endorsed Harris as the Democratic nominee for president, while PredictIt from New Zealand forecasts that she will become the 47th president of the United States.
Nvidia’s stock rose by 4% after reports emerged that the company is working on a new version of its Blackwell AI chips intended for the Chinese market. Nvidia plans to collaborate with a local partner, Inspur, to market the chip, provisionally named the “B20,” with shipments expected to begin in the second quarter of 2025.
Tesla’s stock experienced a nearly 5% increase the day before its earnings report, where CEO Elon Musk is anticipated to provide updates on the company’s delayed robotaxi plans. Musk stated that Tesla aims to produce humanoid robots for internal use by next year, with broader production beginning in 2026.
CrowdStrike, the cybersecurity company, is still feeling the effects of a significant global tech outage from last week. The company reported that many of the 8.5 million affected Windows devices are gradually coming back online. However, CrowdStrike’s stock value fell over 13% during Monday afternoon trading, around $263.
Verizon’s stock dropped nearly 6% after its quarterly earnings report, which indicated a revenue shortfall due to customers keeping their old phones for longer, impacting upgrade rates. The company reported second-quarter revenue of $32.8 billion, slightly under the analysts’ expectations of $33.06 billion, while its earnings per share matched expectations at $1.15.