On Monday afternoon, the Nasdaq rose 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 experienced modest increases, adding 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, has indicated that Harris is favored to become the Democratic nominee for president, while PredictIt, based in New Zealand, projects that she will be the 47th president of the United States.
Nvidia’s shares climbed by 4% after it was reported that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia plans to partner with local distributor Inspur to launch the chip, tentatively named the “B20,” which is expected to begin shipping in the second quarter of 2025. Nvidia has not commented on the report.
Tesla’s stock rose nearly 5% just one day before its earnings report, where CEO Elon Musk is anticipated to address the delayed unveiling of the company’s robotaxi. Musk stated on social media that Tesla plans to have low production of humanoid robots for internal use next year and aims for high production for external companies by 2026.
Cybersecurity firm CrowdStrike is still experiencing disruptions after being implicated in a recent global tech outage. The company reported that while approximately 8.5 million Windows devices were affected, many are gradually coming back online. As of Monday afternoon, CrowdStrike’s stock had fallen over 13%, trading around $263.
Verizon’s stock dropped nearly 6% following the release of its quarterly earnings report, which revealed that the company missed revenue estimates. The decline is attributed to customers holding onto their old phones longer, adversely affecting upgrade rates. For the second quarter, Verizon reported revenue of $32.8 billion, slightly below the expected $33.06 billion, with earnings per share (EPS) meeting forecasts at $1.15.