Trump Media stock continues to face challenges as it experiences a notable decline.
On Monday afternoon, the Nasdaq Composite Index rose by 1.5%, an increase of 277 points, following President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also recorded gains, up 0.3% and 1.1% respectively.
Polymarket, a crypto-based betting platform, has endorsed Harris as the Democratic nominee for president, and PredictIt, based in New Zealand, forecasts that she will be the country’s 47th president.
In other market news, Nvidia’s shares rose by 4% after reports indicated that the company is working on a version of its Blackwell AI chips specifically for the Chinese market. Nvidia plans to partner with local distributor Inspur to launch the chip, referred to as the “B20,” which is expected to begin shipping in the second quarter of 2025. The company has not commented on this development.
Tesla’s stock jumped nearly 5% just ahead of its earnings report, where CEO Elon Musk is expected to discuss updates regarding the delayed launch of its robotaxi service. Musk mentioned on social media that Tesla aims to have useful humanoid robots in limited production for internal use next year, with broader availability projected for 2026.
Meanwhile, CrowdStrike, the cybersecurity firm involved in Friday’s global tech outage, is still working to stabilize its services. The company reported that many of the approximately 8.5 million affected Windows devices are now back online. However, CrowdStrike securities dropped over 13% on Monday afternoon, trading at around $263.
In a separate report, Verizon’s shares fell nearly 6% following the release of its quarterly earnings. The telecommunications giant’s revenue fell short of expectations as customers are keeping their devices for longer, impacting upgrade rates associated with promotional plans. Verizon’s second-quarter revenue totaled $32.8 billion, slightly below analysts’ average forecast of $33.06 billion, while its earnings per share was reported at $1.15, matching expectations.