On Monday afternoon, the Nasdaq climbed by 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 and S&P 500 also experienced gains, rising by 0.3% and 1.1%, respectively.
In the realm of betting, the crypto-based platform Polymarket favors Harris as the Democratic nominee for president, while the New Zealand-based PredictIt forecasts she will become the 47th president of the United States.
Nvidia shares saw a rise of 4% after reports surfaced that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is set to partner with local distributor Inspur to launch and market the chip, tentatively named the “B20,” with expectations for shipments to begin in the second quarter of 2025.
Tesla’s stock surged almost 5% ahead of its earnings report, with CEO Elon Musk anticipated to update investors on the delayed unveiling of the company’s robotaxi. Musk stated on X that Tesla aims to have early production of humanoid robots for internal use next year, with hopes for broader commercial production by 2026.
In the cybersecurity sector, CrowdStrike continued to feel the effects of a significant global tech outage, with the company reporting progress in restoring around 8.5 million affected Windows devices, though its stock was down over 13%, trading near $263.
Verizon’s stock dropped nearly 6% after the release of its quarterly financial results, which revealed the company missed revenue estimates. This shortfall was attributed to customers retaining their old phones longer, affecting upgrade rates amid promotional plans. Verizon reported second-quarter revenue of $32.8 billion, just shy of analysts’ predictions of $33.06 billion, and earnings per share of $1.15, which aligned with expectations.