The Nasdaq Composite Index climbed 1.5%, adding 277 points by Monday afternoon, following President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw gains, increasing by 0.3% and 1.1%, respectively.
The betting platform Polymarket favors Harris as the Democratic nominee, while PredictIt, based in New Zealand, predicts she will become the 47th President of the United States.
In other news, Nvidia’s stock rose by 4% after reports surfaced that the company is developing its new Blackwell AI chips for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to launch the chip, referred to as the “B20,” expected to begin shipments in the second quarter of 2025. Nvidia has chosen not to comment on this information.
Tesla’s shares surged nearly 5% one day before its earnings report, with CEO Elon Musk hinting at an update regarding the company’s delayed robotaxi launch. Musk announced on X that Tesla will have functional humanoid robots in limited production for internal use next year and aims for wider production for other companies by 2026.
CrowdStrike, the cybersecurity firm associated with a significant global tech outage last week, is beginning to recover. The company reported that many of the approximately 8.5 million affected Windows devices are now operational, although CrowdStrike’s stock was down over 13% on Monday afternoon, trading around $263.
Verizon’s stock fell nearly 6% following its quarterly earnings report, where it missed revenue expectations. The telecommunications company noted that customers are retaining their older phones longer, leading to lower upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, while its earnings per share (EPS) matched expectations at $1.15.