The Nasdaq saw a rise of 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris. During the same time, the Dow Jones Industrial Average and S&P 500 increased by 0.3% and 1.1%, respectively.
The betting platform Polymarket has endorsed 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 by 4% after reports revealed that the company is working on a version of its Blackwell AI chips aimed at the Chinese market. The chipmaker is reportedly partnering with local firm Inspur to introduce and sell the chip, tentatively named the “B20,” which is expected to start shipping in the second quarter of 2025. Nvidia did not comment on the report.
Tesla’s stock surged almost 5% ahead of its earnings report, where Elon Musk is anticipated to discuss the company’s delayed robotaxi launch. Musk posted on X, stating that Tesla aims to have useful humanoid robots in limited production for internal use next year, with plans for broader production in 2026.
CrowdStrike, the cybersecurity firm involved in a significant global tech outage last Friday, is gradually recovering but still facing challenges. The company reported that a substantial number of the 8.5 million impacted Windows devices are now back online. However, CrowdStrike’s shares fell over 13% on Monday afternoon, trading around $263.
In contrast, Verizon experienced a nearly 6% drop in stock price following its earnings report, as the telecommunications company missed quarterly revenue estimates. The trend of customers keeping their old phones for longer has negatively affected upgrade rates for telecom companies offering promotional plans. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly under the analysts’ average estimate of $33.06 billion, while earnings per share were $1.15, aligning with expectations.