The Nasdaq experienced a 1.5% increase on Monday afternoon, rising by 277 points, following President Joe Biden’s announcement that he would withdraw from the presidential race and his endorsement of Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and the S&P 500 saw gains of 0.3% and 1.1%, respectively.
The betting platform Polymarket is supporting Harris as the Democratic nominee for president, while PredictIt, based in New Zealand, predicts she could become the 47th president of the United States.
In a separate development, Nvidia shares went up by 4% on Monday after reports emerged indicating the company is creating a version of its new Blackwell AI chips for the Chinese market. Nvidia plans to collaborate with local partner Inspur to introduce and sell the chip, provisionally named the “B20,” set to launch in the second quarter of 2025. Nvidia has not commented on this matter.
Tesla’s stock jumped nearly 5% ahead of its earnings report, where CEO Elon Musk is anticipated to address updates on the delayed robotaxi launch. Musk announced on X that Tesla aims to produce functional humanoid robots for internal company use next year and hopes to begin larger-scale production for other businesses by 2026.
CrowdStrike continues to face challenges following a significant global tech outage attributed to the cybersecurity firm. According to the company, many of the approximately 8.5 million affected Windows devices are gradually coming back online. Despite this, CrowdStrike’s stock was down over 13% on Monday, trading around $263.
Verizon experienced a nearly 6% drop in its stock after announcing its quarterly earnings report. The telecommunications company missed revenue estimates as customers are increasingly retaining their old phones for longer, negatively impacting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the $33.06 billion average estimate and matching expectations with an earnings per share (EPS) of $1.15.