On Monday afternoon, the Nasdaq rose by 1.5%, adding 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. In the same timeframe, the Dow Jones Industrial Average and the S&P 500 experienced gains of 0.3% and 1.1%, respectively.
According to the crypto-based betting platform Polymarket, Harris is favored to be the Democratic nominee for president, while the New Zealand-based PredictIt predicts she will emerge as the 47th president of the United States.
In other market news, Nvidia’s shares increased by 4% after reports indicated the company is developing a version of its new Blackwell AI chips aimed at the Chinese market. Nvidia is expected to partner with a local distributor, Inspur, to launch the chip, provisionally named the “B20,” which is anticipated to begin shipping in the second quarter of 2025. Nvidia did not provide a comment surrounding the report.
Tesla’s stock surged by nearly 5% as the company prepared to release its earnings report, during which CEO Elon Musk is anticipated to discuss the delayed unveiling of the robotaxi. Musk noted on X that Tesla aims to produce humanoid robots next year for internal use, with a goal of larger-scale production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in last Friday’s major tech outage, is gradually recovering from the situation. The company reported that a significant number of the 8.5 million Windows devices affected are now back online. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon’s shares dropped nearly 6% following the release of its quarterly earnings report, as the company fell short of revenue expectations. Customers are holding onto their old devices longer, leading to lower upgrade rates, which has impacted promotions tied to new mobile plans. The telecommunications firm reported second-quarter revenue of $32.8 billion, slightly below the anticipated $33.06 billion, with earnings per share (EPS) meeting forecasts at $1.15.