Donald Trump’s media venture may be classified as a meme stock, according to a strategist. On Monday afternoon, the Nasdaq Composite increased by 1.5%, gaining 277 points after President Joe Biden announced he would not seek re-election and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
In the political betting market, the crypto-based platform Polymarket has identified Harris as the leading candidate for the Democratic nomination for president. Similarly, PredictIt, a platform based in New Zealand, suggests that she is likely to become the 47th president of the United States.
Nvidia’s shares climbed 4% after it was reported by Reuters that the company is creating a version of its new Blackwell AI chips intended for the Chinese market. Nvidia is reportedly collaborating with the local distributor, Inspur, to introduce the chip, temporarily named “B20,” with expectations to begin shipping in the second quarter of 2025. The company chose not to comment on the report.
Tesla’s stock rose nearly 5% just one day before the release of its earnings report, with CEO Elon Musk anticipated to provide updates about the company’s long-delayed robotaxi project. Musk noted on social media that Tesla aims to produce humanoid robots for internal use next year, with hopes to ramp up production for external companies by 2026.
CrowdStrike, which was at the center of a significant global tech outage last week, is beginning to recover. The company reported that a substantial number of the approximately 8.5 million affected Windows devices are back online. However, CrowdStrike’s stock was down over 13%, trading at around $263 as of Monday afternoon.
In contrast, Verizon’s stock fell nearly 6% following its quarterly earnings report, revealing that it had missed revenue expectations. This decline was primarily due to customers holding on to their old phones longer, which negatively impacted upgrade rates for telecom companies providing new devices alongside promotional plans. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly under the average analyst expectation of $33.06 billion, while the earnings per share matched expectations at $1.15.