Trump Media may be classified as a meme stock, according to a strategist. The Nasdaq composite climbed 1.5%, adding 277 points on Monday afternoon, following President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also rose, gaining 0.3% and 1.1%, respectively.
In the world of political betting, the crypto-based platform Polymarket has Harris as the leading contender for the Democratic nomination, while PredictIt, based in New Zealand, anticipates she may become the 47th president of the United States.
In stock news, Nvidia’s shares surged by 4% after reports emerged that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. The chipmaker is collaborating with a local partner, Inspur, to launch a product tentatively named “B20,” expected to start shipping in the second quarter of 2025. Nvidia has not commented on this development.
Tesla’s stock saw nearly a 5% increase ahead of its earnings report, where CEO Elon Musk is anticipated to discuss updates on the company’s postponed robotaxi launch. Musk mentioned on X that Tesla is set to have practical humanoid robots in low production for internal use by next year, with the aim of achieving higher production for other companies by 2026.
Meanwhile, Cybersecurity firm CrowdStrike is still managing the repercussions of a significant global tech outage from Friday. The company reported that many of the 8.5 million affected Windows devices are gradually coming back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop in its stock price after releasing its quarterly earnings report, which missed revenue expectations as more customers are delaying phone upgrades. The company reported second-quarter revenue of $32.8 billion, falling slightly short of the analysts’ forecast of $33.06 billion, while its earnings per share (EPS) met projections at $1.15.