Trump Media’s stock experienced a decline of 7% following the announcement of yet another quarterly loss.
On Monday afternoon, the Nasdaq climbed 1.5%, gaining 277 points, in reaction to President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 saw modest increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket is backing Harris as the Democratic nominee, while PredictIt from New Zealand anticipates she will be the 47th president of the United States.
In other developments, Nvidia’s shares rose by 4% after reports surfaced that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia is reportedly collaborating with local distribution partner Inspur to launch a chip provisionally named the “B20,” expected to begin shipping in the second quarter of 2025. Nvidia has chosen not to comment on these reports.
Tesla’s stock surged nearly 5% in anticipation of its earnings report, where CEO Elon Musk is expected to discuss updates on the delayed robotaxi project. Musk indicated on social media that Tesla plans to have operational humanoid robots for internal use by next year, with hopes for high production capacity for external companies by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage last week, continued to face challenges, although operations were starting to return to normal. The company reported that many of the approximately 8.5 million affected Windows devices were back online, although CrowdStrike’s stock was down over 13%, trading around $263 on Monday afternoon.
Verizon’s stock fell nearly 6% after the company disclosed its quarterly earnings report, which showed lower-than-expected revenue as customers opted to retain their older phones longer. This trend has led to a decrease in upgrade rates for telecom companies offering promotional plans with new devices. Verizon reported second-quarter revenue of $32.8 billion, slightly missing analysts’ expectations of $33.06 billion, while its earnings per share (EPS) stood at $1.15, aligning with predictions.