The Nasdaq composite index rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement of his withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average added 0.3%, while the S&P 500 increased by 1.1%.
In the betting market, the crypto-based platform Polymarket favors Harris as the Democratic presidential nominee, while New Zealand’s PredictIt suggests she could be the 47th president of the United States.
In tech news, Nvidia’s shares climbed 4% after reports emerged that the company is creating a version of its new Blackwell AI chips specifically for the Chinese market. The chipmaker is reportedly partnering with Inspur, a local distributor, for the launch of a chip currently referred to as the “B20,” which is expected to be available in the second quarter of 2025. Nvidia has chosen not to comment on these developments.
Tesla’s stock experienced a nearly 5% increase ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to provide updates on the company’s long-awaited robotaxi project. Musk shared on social media that Tesla plans to have limited production of humanoid robots for internal use next year, with hopes for larger-scale production for external clients by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to a widespread tech outage last week, reported gradual recovery after approximately 8.5 million Windows devices were affected. The company indicated a significant number of these devices are now operational. However, CrowdStrike’s stock continued to struggle, falling over 13% to around $263 by Monday afternoon.
Verizon experienced a nearly 6% drop in its stock price after releasing its quarterly earnings, which showed a revenue miss as consumers are keeping their old phones longer, negatively affecting upgrade rates. The telecommunications company’s second-quarter revenue reached $32.8 billion, slightly short of analysts’ expectations of $33.06 billion, while earnings per share matched predictions at $1.15.