Darden Restaurants’ stock experienced a notable increase following a new delivery partnership with Uber, contributing to a positive trend in the Nasdaq, which rose by 1.5% or 277 points on Monday afternoon. This uplift coincided with President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
In the political forecasting realm, the crypto-based betting platform Polymarket suggests Harris as the Democratic nominee, while the New Zealand-based PredictIt predicts she will become the 47th president of the U.S.
Nvidia saw a 4% increase in its stock price following reports from Reuters that the company is working on a version of its Blackwell AI chips targeted at the Chinese market. Nvidia is collaborating with local partner Inspur to launch the chip, branded as the “B20,” which is anticipated to start shipping by the second quarter of 2025, although the company has not confirmed these details.
Tesla’s stock rose nearly 5% in anticipation of its upcoming earnings report, where Elon Musk is expected to address the delayed release of the company’s robotaxi. Musk noted on social media that Tesla plans to have humanoid robots available for internal use by next year, with an aim for wider production by 2026.
On the other hand, CrowdStrike continues to face challenges following a significant global tech outage it experienced last Friday. The cybersecurity firm reported that many of the 8.5 million affected Windows devices are becoming operational again, although its stock was down over 13% in afternoon trading, priced around $263.
Verizon’s stock fell nearly 6% after the company released its quarterly earnings report, which revealed that it missed revenue expectations. The telecommunications provider cited a trend of customers holding onto their old phones longer, affecting upgrade rates. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly shy of the anticipated $33.06 billion, while earnings per share remained steady at $1.15.