The Nasdaq rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
In the realm of predictions, the crypto-based betting platform Polymarket has endorsed Harris as the Democratic nominee for president, while PredictIt, based in New Zealand, forecasts that she will become the 47th president of the United States.
In other news, Nvidia shares increased by 4% after reports indicated that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is expected to partner with local distributor Inspur to launch and market the chip, tentatively named the “B20,” with shipments anticipated to commence in the second quarter of 2025. Nvidia did not provide any comments regarding this development.
Tesla’s stock surged nearly 5% ahead of its upcoming earnings report, where Elon Musk is likely to give updates on the much-anticipated robotaxi unveiling. Musk stated via X that Tesla will have “genuinely useful humanoid robots in low production for Tesla internal use next year and, hopefully, high production for other companies in 2026.”
Additionally, CrowdStrike is still feeling the effects of the significant global tech outage it experienced recently. The cybersecurity firm reported that of approximately 8.5 million affected Windows devices, many are now back online and operational. Despite this progress, CrowdStrike’s stock remained down over 13%, trading around $263 on Monday afternoon.
Verizon faced a nearly 6% drop in its stock following the release of its quarterly earnings report. The telecommunications giant missed revenue projections, a consequence of customers retaining their old phones for extended periods, which negatively affected upgrade rates among telecom companies offering promotional plans. Verizon’s second-quarter revenue totaled $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, while its earnings per share (EPS) met expectations at $1.15.