California’s new $20 minimum wage for fast food workers has not resulted in job losses, according to a recent study. On Monday afternoon, the Nasdaq saw an increase of 1.5%, gaining 277 points following President Joe Biden’s announcement that he would not seek re-election and endorsed Vice President Kamala Harris as the Democratic nominee. The Dow Jones Industrial Average and S&P 500 also experienced gains, with increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket has placed its bets on Harris as the next Democratic presidential nominee, while PredictIt from New Zealand forecasts that she will become the 47th president of the United States.
Nvidia’s stock rose by 4% after news emerged that the company is developing its Blackwell AI chips for the Chinese market. Reports indicate that Nvidia will partner with local distributor Inspur to launch the chip, referred to as the “B20,” expected to start shipping in the second quarter of 2025. Nvidia chose not to comment on the report.
Tesla’s stock surged nearly 5% one day before its anticipated earnings report, during which CEO Elon Musk is expected to provide updates on the postponed robotaxi introduction. Musk stated on a social media platform that Tesla aims to have functional humanoid robots for its internal use next year and plans for higher production for other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a significant tech outage last Friday, is still addressing the repercussions, though conditions are gradually improving. The company reported that many of the approximately 8.5 million affected Windows devices are back online. Nevertheless, CrowdStrike’s stock dropped over 13% on Monday afternoon, trading at around $263.
Verizon’s stock fell nearly 6% following the announcement of its quarterly earnings report, which revealed revenue that fell short of analysts’ expectations. The telecommunications company noted that customers are retaining their older phones longer, adversely affecting upgrade rates associated with new mobile plans. Verizon reported second-quarter revenue of $32.8 billion, slightly below the $33.06 billion forecasted by analysts, with earnings per share hitting $1.15, matching expectations.