Trump Media stock is experiencing a downturn as market changes unfold. On Monday afternoon, the Nasdaq Composite rose by 1.5%, gaining 277 points, following the announcement that President Joe Biden is withdrawing from the presidential race and endorsing Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw modest gains, increasing by 0.3% and 1.1% respectively.
Polymarket, a crypto-based betting platform, is backing Harris as the Democratic nominee, while PredictIt, based in New Zealand, anticipates she will become the 47th president of the United States.
In other market news, Nvidia shares climbed 4% after reports emerged that the company is developing a new version of its Blackwell AI chips tailored for the Chinese market. The project will involve collaboration with a local partner, Inspur, with the new chip anticipated to begin shipping in the second quarter of 2025, although Nvidia has not provided official comments on this development.
Tesla’s stock surged nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to update investors on the much-anticipated rollout of the company’s robotaxi. Musk noted on social media that Tesla aims to produce useful humanoid robots for its operations next year, with potential high production for external firms by 2026.
On the downside, CrowdStrike, the cybersecurity firm linked to a recent global tech outage, continued to face challenges but reported that a significant number of the affected 8.5 million Windows devices are returning online. Despite some recovery, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon’s stock declined nearly 6% following the release of its quarterly earnings report, which revealed lower-than-expected revenue. The telecommunications company reported second-quarter revenue of $32.8 billion, just shy of analysts’ average estimate of $33.06 billion, and earnings per share of $1.15, matching expectations. This decline was attributed to customers holding onto their old phones longer, negatively affecting upgrade rates for telecom firms.