The Nasdaq composite climbed by 1.5%, adding 277 points on Monday afternoon, following President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. In the same timeframe, the Dow Jones Industrial Average and S&P 500 increased by 0.3% and 1.1% respectively.
Polymarket, a crypto betting platform, has also backed Harris as the Democratic presidential nominee, while PredictIt, based in New Zealand, predicts she will become the 47th president of the United States.
Nvidia shares rose by 4% after news emerged from Reuters that the company is working on a variant of its new Blackwell AI chips specifically for the Chinese market. Nvidia is partnering with local distributor Inspur to launch the chip, tentatively named the “B20,” which is expected to begin shipping in the second quarter of 2025. The company chose not to comment on the report.
Tesla’s stock jumped nearly 5% just one day before its earnings report, where CEO Elon Musk is anticipated to discuss the delayed unveiling of the company’s robotaxi. Musk stated on X that Tesla aims to have functional humanoid robots available for internal use in the next year, with broader production for other companies targeted for 2026.
In contrast, CrowdStrike, the cybersecurity firm responsible for a recent significant global tech outage, was still facing the effects days later. However, it noted that many of the 8.5 million affected Windows devices were beginning to come back online. Despite this, CrowdStrike’s stock was down over 13% during Monday afternoon trading, at approximately $263.
Verizon experienced a nearly 6% drop in its stock price after releasing its quarterly earnings report, which missed revenue expectations. The slowdown in phone upgrades, as customers retain their older devices longer, has negatively impacted revenue. The company’s second-quarter revenue was reported at $32.8 billion, slightly below the $33.06 billion average estimate from analysts, while its earnings per share were $1.15, matching expectations.