On Monday afternoon, the Nasdaq Composite saw a rise of 1.5%, adding 277 points, after President Joe Biden announced he would withdraw from the presidential race and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also experienced gains, increasing by 0.3% and 1.1%, respectively.
In the realm of betting, the crypto-based platform Polymarket has Harris as the favored Democratic nominee for president, while the New Zealand site PredictIt forecasts she will become the 47th president of the United States.
Nvidia’s stock price rose nearly 4% following reports that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is set to collaborate with local partner Inspur to introduce the chip, which is expected to begin shipping in the second quarter of 2025. The company has chosen not to comment on these developments.
Tesla’s stock climbed nearly 5% ahead of its earnings report, during which CEO Elon Musk is likely to discuss the status of the delayed robotaxi initiative. Musk stated on X that Tesla expects to have limited production of humanoid robots for internal use next year, with hopes for larger scale production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to last week’s significant global tech outage, is reportedly seeing a gradual return to normalcy. The company announced that many of the approximately 8.5 million Windows devices affected by the outage are back online and operational. However, CrowdStrike’s stock dropped over 13% on Monday afternoon, trading around $263.
Verizon experienced a nearly 6% decline after releasing its earnings report, which fell short of quarterly revenue expectations. The telecommunications company stated that customers are retaining their older phones longer, adversely affecting upgrade rates. Verizon’s revenue for the second quarter came in at $32.8 billion, slightly below the anticipated $33.06 billion, with earnings per share matching expectations at $1.15.