On Monday afternoon, the Nasdaq experienced a 1.5% increase, gaining 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket is backing Harris as the Democratic nominee for president, while PredictIt from New Zealand forecasts that she will become the 47th president of the United States.
In other market news, Nvidia saw its shares rise by 4% after reports emerged that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to sell the chip, tentatively named the “B20,” with shipping expected to begin in the second quarter of 2025. Nvidia has not commented on this information.
Tesla’s stock climbed nearly 5% ahead of its earnings report, where CEO Elon Musk is anticipated to update on the company’s delayed robotaxi project. Musk shared on X that Tesla expects to have “genuinely useful humanoid robots” in limited production for internal use next year, and hopes for broader production by 2026.
CrowdStrike, the cybersecurity firm responsible for a significant global tech outage last Friday, is still recovering from the incident. The company stated that many of the 8.5 million affected Windows devices are now operational again, though its stock was down over 13% in afternoon trading at around $263.
Verizon experienced a nearly 6% drop after its quarterly earnings report revealed it missed revenue expectations, attributing the decline to customers retaining their old devices longer, which has negatively affected upgrade rates. The company’s second-quarter revenue reached $32.8 billion, just below the analysts’ average estimate of $33.06 billion, while its earnings per share were reported at $1.15, meeting expectations.