On Monday afternoon, the Nasdaq Composite index climbed by 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 S&P 500 also saw increases of 0.3% and 1.1% respectively.
In political betting, the crypto-based platform Polymarket has positioned Harris as the leading Democratic nominee, while New Zealand’s PredictIt indicates she may become the 47th president of the United States.
Nvidia’s shares rose by 4% after news emerged that the company is creating a version of its Blackwell AI chips designed for the Chinese market. Reports suggest that Nvidia will collaborate with local partner Inspur to introduce the chip, referred to as the “B20,” with shipping expected to begin in the second quarter of 2025. Nvidia has not provided further comments on this development.
Tesla’s stock jumped nearly 5% a day before its earnings announcement, where CEO Elon Musk is anticipated to discuss updates on the company’s robotaxi project. Musk stated on social media that Tesla aims to have useful humanoid robots in low production for internal use next year and hopes for higher production levels for external companies by 2026.
CrowdStrike, the cybersecurity firm linked to a recent global tech outage, is still recovering from the incident. The company reported that many of the approximately 8.5 million Windows devices affected by the outage are back online, although its stock has decreased by over 13%, trading around $263 on Monday afternoon.
Verizon experienced a nearly 6% drop in stock value following its quarterly earnings report, which showed the company missing revenue estimates. The telecommunications provider reported second-quarter revenue of $32.8 billion, just shy of analysts’ predictions of $33.06 billion. Its earnings per share (EPS) remained in line with expectations at $1.15. The company attributed the revenue decline to customers retaining their old phones for longer periods, impacting upgrade rates.
Contributors to this article include Britney Nguyen, Rocio Fabbro, and William Gavin.