The Nasdaq experienced a 1.5% increase, gaining 277 points on Monday afternoon, 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 saw gains, rising by 0.3% and 1.1%, respectively.
In other news, the crypto 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’s stock rose nearly 4% after reports indicated that the company is creating a version of its new Blackwell AI chips for China, working alongside local partner Inspur. This new chip, referred to as the “B20,” is expected to begin shipping in the second quarter of 2025, although Nvidia did not provide further comments on the matter.
Tesla saw a nearly 5% surge in its stock price just one day ahead of its earnings report, where CEO Elon Musk is anticipated to discuss the delay of the robotaxi launch. Musk shared on social media that the company plans to have useful humanoid robots in low production for internal use next year, with hopes for mass production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm responsible for a significant global tech outage earlier in the week, is still addressing the aftermath. The company stated that a substantial number of the 8.5 million Windows devices affected are gradually coming back online. However, CrowdStrike’s stock saw a decline of over 13%, trading around $263 on Monday afternoon.
Verizon faced a nearly 6% drop in its stock price after releasing its quarterly earnings report, which fell short of revenue expectations. The telecommunications giant reported second-quarter revenue of $32.8 billion, just below the anticipated $33.06 billion, while its earnings per share met expectations at $1.15. The lower revenue reflects a trend of customers keeping their old phones longer, negatively impacting upgrade rates linked to promotional plans associated with new mobile lines.