California’s implementation of a $20 minimum wage for fast food workers has not led to job losses, according to a recent study.
On Monday afternoon, the Nasdaq experienced a 1.5% increase, adding 277 points. This uptick followed President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw gains of 0.3% and 1.1%, respectively.
The betting platform Polymarket has backed Harris as the Democratic presidential nominee, while PredictIt from New Zealand forecasts her as the prospective 47th president of the United States.
Nvidia’s shares rose by 4% following reports that the company is crafting a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia will collaborate with local partner Inspur to market the chip, tentatively named the “B20.” Sources indicated that shipments are expected to commence in the second quarter of 2025, though Nvidia declined to provide further comment.
Tesla’s stock surged nearly 5% ahead of its earnings report, during which CEO Elon Musk is anticipated to update investors on the debut of the company’s robotaxi. Musk stated on social media that Tesla intends to produce functional humanoid robots for internal use next year and potentially for external clients in 2026.
Meanwhile, CrowdStrike is still dealing with the repercussions of a recent global tech outage caused by its cybersecurity systems. As of late Sunday, the company noted that many of the approximately 8.5 million Windows devices affected are returning to operational status. CrowdStrike’s stock, however, dropped over 13% on Monday, trading around $263.
Verizon’s stock fell nearly 6% following its quarterly earnings report, which revealed a revenue miss due to customers retaining their old devices longer than usual. The telecom giant’s second-quarter revenue reached $32.8 billion, slightly beneath the $33.06 billion analysts anticipated, while its earnings per share were reported at $1.15, matching expectations.