On Monday afternoon, the Nasdaq increased by 1.5%, gaining 277 points, following President Joe Biden’s announcement that he would not seek reelection and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also showed gains, rising by 0.3% and 1.1%, respectively.
In the realm of cryptocurrencies, the betting platform Polymarket is backing Harris as the Democratic nominee for president, while PredictIt from New Zealand predicts she will become the 47th president of the United States.
Nvidia saw its shares rise by 4% after Reuters revealed that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with a local partner, Inspur, to debut the chip, provisionally named “B20,” in China, with shipments expected to commence in the second quarter of 2025. Nvidia has not commented on the report.
Tesla experienced a nearly 5% stock surge the day before releasing its earnings report, where CEO Elon Musk is anticipated to discuss the delayed introduction of the company’s robotaxi. Musk stated on X that Tesla aims to have functional humanoid robots in low production for internal use by the next year, with expectations for broader production for other businesses by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage on Friday, is still managing the repercussions as operations gradually return to normal. The company reported that a considerable number of the roughly 8.5 million impacted Windows devices are now operational again. Despite this progress, CrowdStrike’s stock dropped over 13% on Monday afternoon, trading at about $263.
Verizon’s stock fell nearly 6% after it released its quarterly earnings report. The telecommunications giant reported disappointing revenue figures mainly due to customers retaining their old phones for longer durations, which in turn has affected upgrade rates for telecom firms offering promotional plans along with new mobile devices. Verizon’s second-quarter revenue reached $32.8 billion, slightly below the analysts’ average expectation of $33.06 billion, while its earnings per share remained steady at $1.15.