On Monday afternoon, the Nasdaq surged by 1.5%, gaining 277 points, following President Joe Biden’s announcement that he will not seek reelection 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.
In the realm of predictions, the crypto betting platform Polymarket has endorsed Harris as the likely Democratic nominee, while PredictIt, based in New Zealand, forecasts that she will become the 47th president of the United States.
Nvidia’s shares saw a 4% increase after reports revealed the company is creating a version of its Blackwell AI chips specifically for China. The company is expected to collaborate with a local partner, Inspur, to launch the chip, temporarily named the “B20.” According to sources, shipments of the B20 are anticipated to commence in the second quarter of 2025, although Nvidia has not provided any official comment.
Tesla’s stock rose by nearly 5% leading up to its upcoming earnings report, where CEO Elon Musk is projected to discuss the delay in the company’s robotaxi launch. Musk indicated on social media that Tesla plans to have functional humanoid robots in limited production for internal use next year, with hopes of higher production for external clients by 2026.
CrowdStrike, the cybersecurity firm linked to last week’s major global tech outage, continues to deal with the aftermath. The company reported that a significant number of the approximately 8.5 million affected Windows devices are now back online and operational. Despite this progress, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% after releasing its earnings report, which fell short of revenue estimates. The telecommunications giant attributed this downturn to customers holding onto their old phones longer, negatively affecting upgrade rates for companies offering new mobile phone plans. Verizon’s second-quarter revenue reached $32.8 billion, just below analysts’ expectations of $33.06 billion, with earnings per share (EPS) at $1.15, meeting projections.