The Nasdaq rose 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
In the realm of political forecasting, the crypto betting platform Polymarket is backing Harris as the Democratic nominee for president, while New Zealand’s PredictIt projects she will become the 47th president of the United States.
Nvidia’s shares jumped by 4% in the afternoon after reports emerged that the company is creating a version of its new Blackwell AI chips specifically for the Chinese market. Sources indicated that Nvidia plans to collaborate with local partner Inspur to launch and market a chip tentatively named the “B20,” which is anticipated to start shipping in the second quarter of 2025. Nvidia has not commented on the matter.
Tesla’s stock climbed nearly 5% a day before its earnings report, during which CEO Elon Musk is expected to discuss the company’s postponed robotaxi launch. Musk shared on social media that Tesla will have low production humanoid robots for internal use next year and aims for higher production for other companies by 2026.
CrowdStrike is still facing challenges following last week’s significant global tech outage, with the company reporting that many of the approximately 8.5 million affected Windows devices are back online. However, CrowdStrike’s stock was down over 13% on Monday afternoon, trading at approximately $263.
Verizon’s stock fell nearly 6% after the company released its quarterly earnings report, which showed it missed revenue expectations. The telecommunications giant reported second-quarter revenue of $32.8 billion, slightly beneath analysts’ forecasts of $33.06 billion, while earnings per share were in line at $1.15. This decline is attributed to customers keeping their old phones longer, ultimately impacting upgrade rates for telecom companies.