On Monday afternoon, the Nasdaq was up 1.5%, adding 277 points following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average increased by 0.3%, while the S&P 500 saw a rise of 1.1%.
The crypto-based betting platform Polymarket predicts Harris as the Democratic nominee for president, while New Zealand’s PredictIt forecasts her to be the 47th president of the United States.
Nvidia’s stock rose by 4% after reports indicated the company is creating a version of its new Blackwell AI chips for the Chinese market. It is set to collaborate with local distributor Inspur to launch the chip, referred to as the “B20,” anticipated to ship in the second quarter of 2025. Nvidia has chosen not to comment on the report.
Tesla’s stock jumped nearly 5% ahead of its earnings report, where Elon Musk is expected to discuss the delays in the robotaxi reveal. Musk stated on X that Tesla plans to have useful humanoid robots in limited production for internal use next year and hopes for higher production levels for other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a major global tech outage last week, is gradually recovering. The company reported that many of the 8.5 million affected Windows devices are now online. Despite this, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Verizon experienced a nearly 6% decline in its stock after releasing its quarterly earnings report, which fell short of revenue estimates. The telecom giant’s revenue for the second quarter was $32.8 billion, slightly below analysts’ expectation of $33.06 billion, while earnings per share remained at $1.15, meeting expectations.