A recent study has found that California’s new $20 minimum wage for fast food workers has not led to job losses.
On Monday afternoon, the Nasdaq index rose by 1.5%, adding 277 points, following President Joe Biden’s announcement that he would not seek re-election and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw gains of 0.3% and 1.1%, respectively.
Polymarket, a cryptocurrency-based betting platform, has expressed support for Harris as the Democratic nominee, while PredictIt from New Zealand predicts she may become the 47th president of the United States.
In other market updates, Nvidia’s shares rose approximately 4% after news emerged that the company is working on a version of its new Blackwell AI chips for the Chinese market. Reports indicate that Nvidia will collaborate with local partner Inspur to launch the chip, tentatively named the “B20,” which is expected to ship in the second quarter of 2025. Nvidia has not provided further comments on this development.
Tesla’s stock rose nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to discuss the company’s delayed robotaxi project. Musk stated on social media that Tesla plans to have useful humanoid robots in low production for internal use next year, with hopes of scaling production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to Friday’s significant global tech outage, is gradually recovering from the situation. The company reported that a considerable number of the approximately 8.5 million affected Windows devices are now back online. However, CrowdStrike’s stock was down over 13% on Monday, trading around $263.
Verizon experienced a nearly 6% drop in share price after its quarterly earnings report revealed missed revenue estimates. The telecommunications giant reported second-quarter revenue of $32.8 billion, slightly below analysts’ expectations of $33.06 billion, while earnings per share (EPS) were in line with expectations at $1.15. The company’s struggle with customers holding onto older phones has negatively impacted upgrade rates.