Market Moves: Yen Resurgence and Tech Stocks Soar Amid Political Shifts

The Bank of Japan has decided to keep interest rates unchanged, leading to a resurgence of the yen carry-trade, according to a strategist’s analysis.

On Monday afternoon, the Nasdaq experienced a rise of 1.5%, gaining 277 points, following 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 increases of 0.3% and 1.1%, respectively.

In the realm of political predictions, the crypto-based betting platform Polymarket has placed its bets on Harris as the Democratic nominee, while PredictIt, based in New Zealand, forecasts that she will be the 47th president of the United States.

In corporate news, Nvidia’s shares rose by 4% after reports indicated that the company is designing a new version of its Blackwell AI chips tailored for the Chinese market. Nvidia is set to collaborate with a local distributor named Inspur to launch the chip, referred to as the “B20,” which is expected to begin shipping in the second quarter of 2025. Nvidia has not commented on this information.

Tesla’s stock increased by nearly 5% just a day before its earnings report, where CEO Elon Musk is anticipated to discuss the delays surrounding the company’s robotaxi launch. Musk shared on X that Tesla aims to have humanoid robots in low production for internal use next year, with hopes for higher production available to other companies by 2026.

CrowdStrike, the cybersecurity firm involved in Friday’s widespread tech outage, is still recovering from the incident, although systems are gradually returning to normal. The company reported that a sizable portion of the affected 8.5 million Windows devices is now back online. However, CrowdStrike’s stock was down over 13% on Monday afternoon, trading around $263.

Verizon experienced a nearly 6% decline after its quarterly earnings report indicated a miss on revenue estimates. The telecommunications company observed that customers are extending the lifespan of their devices, resulting in a slowdown in upgrade rates for telecom services. Verizon’s second-quarter revenue stood at $32.8 billion, slightly below the analyst consensus of $33.06 billion, while its earnings per share were in line with expectations at $1.15.

Popular Categories


Search the website