Nasdaq experienced a 1.5% increase, climbing 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. During the same period, the Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
The betting platform Polymarket has begun to favor Harris as the Democratic nominee for the presidency, while PredictIt from New Zealand forecasts her potential election as the 47th president of the United States.
Nvidia’s stock saw a 4% rise on Monday afternoon after reports emerged that the company is creating a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is set to collaborate with local distributor Inspur to market a chip referred to as the “B20,” expected to begin shipping in the second quarter of 2025. The company opted not to comment on the report.
Tesla’s shares surged nearly 5% a day before its earnings report, where CEO Elon Musk is anticipated to discuss the much-anticipated robotaxi launch. Musk noted on social media that Tesla will have functional humanoid robots produced for internal use next year, with hopes of increased production for other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage on Friday, is still recovering from the incident. The company announced that many of the approximately 8.5 million affected Windows devices are now back online. However, CrowdStrike’s stock dropped over 13% in Monday afternoon trading, landing around $263.
Verizon experienced a nearly 6% decline after announcing its quarterly earnings. The telecommunications giant fell short of revenue expectations, attributing the drop to customers retaining their old devices for longer periods, which has affected upgrade rates. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below analysts’ average estimate of $33.06 billion, while its earnings per share (EPS) met expectations at $1.15 per share.