Trump Media could potentially be classified as a meme stock, according to a strategist. The Nasdaq experienced a 1.5% increase, gaining 277 points on Monday afternoon. This uplift followed President Joe Biden’s announcement of his withdrawal from the presidential race and support for Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
In related news, the crypto-based betting platform Polymarket has placed its bets on Harris becoming the Democratic nominee for president, while PredictIt anticipates her becoming the 47th president of the United States.
Nvidia’s stock saw a 4% rise on reports that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia is collaborating with local partner Inspur to launch the chip, informally dubbed the “B20,” which is expected to start shipping in the second quarter of 2025, although Nvidia has not provided any official comments.
Tesla’s stock jumped nearly 5% ahead of its earnings report, where Elon Musk is anticipated to discuss the delayed launch of the company’s robotaxi. Musk shared on X that Tesla aims to have functional humanoid robots for internal use by next year, with plans for broader production by 2026.
CrowdStrike is still reeling from a significant global tech outage caused by its cybersecurity services. The company reported that a considerable number of the approximately 8.5 million affected Windows devices are once again operational. However, CrowdStrike’s stock fell over 13% to around $263 on Monday afternoon.
Verizon experienced a nearly 6% drop in its stock price following the release of its quarterly earnings report. The telecommunications giant fell short of revenue expectations, as customers are increasingly opting to keep their old phones longer. Verizon’s second-quarter revenue was $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, while its earnings per share remained steady at $1.15.