On Monday afternoon, the Nasdaq climbed 1.5%, increasing by 277 points, in response to President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, rising 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket has backed Harris as the Democratic nominee for president, while New Zealand’s PredictIt forecasts that she will be the 47th president of the United States.
Nvidia’s stock rose by 4% after reports indicated that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local partner Inspur to market and distribute the chip, provisionally named the “B20,” with expected shipments starting in the second quarter of 2025. Nvidia has not commented on the report.
Tesla’s stock surged nearly 5% ahead of its earnings report, during which CEO Elon Musk is anticipated to provide an update on the delayed introduction of the company’s robotaxi. Musk stated on X that Tesla is expected to have functional humanoid robots in low production for internal use next year and hopes to see high production available for other companies by 2026.
CrowdStrike, the cybersecurity firm involved in a significant global tech outage last week, is beginning to recover, with reports indicating that many of the 8.5 million affected Windows devices are coming back online. However, its stock fell over 13% on Monday, trading around $263.
Verizon’s stock dropped nearly 6% after the telecommunications company released its quarterly earnings report, which showed it missed revenue estimates due to customers retaining their old devices longer. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below the analysts’ expected $33.06 billion, while its earnings per share matched expectations at $1.15.