The Nasdaq index rose 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. In the same time frame, the Dow Jones Industrial Average and the S&P 500 increased by 0.3% and 1.1%, respectively.
The crypto betting platform Polymarket suggests Harris will be the Democratic nominee, while PredictIt from New Zealand forecasts she will be the 47th president of the United States.
In developments for Nvidia, its shares rose by 4% in the afternoon after reports indicated the company is working on a version of its Blackwell AI chips for the Chinese market. Nvidia is set to partner with Inspur, a local distributor, to launch a chip tentatively named “B20,” expected to start shipping in the second quarter of 2025. The company declined to comment on the report.
Tesla’s stock surged nearly 5% ahead of its earnings report, with CEO Elon Musk anticipated to discuss the delays concerning the company’s robotaxi project. Musk stated that “Tesla will have genuinely useful humanoid robots in low production for internal use next year, and hopefully, in high production for other companies in 2026.”
CrowdStrike, the cybersecurity firm linked to a significant global tech outage last week, continued to manage the aftermath with operations gradually normalizing. The company reported that a large number of the 8.5 million impacted Windows devices are back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading at around $263.
Verizon experienced a nearly 6% drop following its quarterly earnings report, which revealed that the company missed revenue estimates due to customers tending to retain their old phones for longer durations. This trend has negatively affected upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the average analyst estimate of $33.06 billion, with earnings per share at $1.15, aligning with expectations.