On Monday afternoon, the Nasdaq increased by 1.5%, adding 277 points, 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 saw gains, rising by 0.3% and 1.1%, respectively.
In the world of cryptocurrency, the betting platform Polymarket has pegged Harris as the likely Democratic nominee, while PredictIt, based in New Zealand, anticipates she may become the 47th president of the United States.
Nvidia shares experienced a 4% boost after a report indicated the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia is expected to collaborate with local distributor Inspur to initially launch the chip, known as the “B20,” in China, with shipments anticipated to start in the second quarter of 2025. Nvidia did not provide comments regarding the report.
Tesla’s stock climbed nearly 5% ahead of its upcoming earnings report, during which CEO Elon Musk is expected to discuss the delays concerning the company’s robotaxi launch. Musk indicated on social media that Tesla will have low production humanoid robots for internal use next year, aiming for wider production by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage last Friday, is gradually recovering from the incident. The company reported that a considerable number of the 8.5 million affected Windows devices are now operational. However, CrowdStrike shares fell over 13% on Monday afternoon, trading at around $263.
Verizon’s stock dropped nearly 6% following the release of its quarterly earnings report, which indicated the company missed revenue expectations as customers continue to hold onto their old phones for longer periods. Verizon’s second-quarter revenue stood at $32.8 billion, just shy of the average analyst estimate of $33.06 billion, while its earnings per share matched expectations at $1.15.