Trump Media may be characterized as a meme stock, according to a strategist’s insights. On Monday afternoon, the Nasdaq rose by 1.5%, adding 277 points, following President Joe Biden’s decision to withdraw from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also saw gains of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket is backing Harris as the Democratic nominee for president, while New Zealand-based PredictIt forecasts that she will become the 47th president of the United States.
In other market movements, Nvidia shares climbed by 4% after reports indicated the company is creating a version of its new Blackwell AI chips for the Chinese market. Nvidia is set to collaborate with local partner Inspur to introduce the chip, currently referred to as the “B20,” in China, with shipping anticipated to begin in the second quarter of 2025. Nvidia has not commented on the report.
Meanwhile, Tesla’s stock jumped nearly 5% a day before its earnings report, where Elon Musk is expected to share updates on the anticipated robotaxi reveal. Musk mentioned on social media that Tesla plans to have useful humanoid robots in limited production for internal use next year, and hopes for broader availability to other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a significant global tech outage last week, is still dealing with the aftereffects but reports that many of the approximately 8.5 million affected Windows devices are returning to operational status. However, CrowdStrike’s stock fell over 13% in afternoon trading on Monday, hovering around $263.
Verizon experienced a nearly 6% drop in stock after releasing its quarterly earnings report, which showed revenue falling short of estimates. Customers have been retaining their older phones for longer, negatively affecting upgrade rates for telecom companies. Verizon reported second-quarter revenue of $32.8 billion, slightly below the expected $33.06 billion, with earnings per share (EPS) matching estimates at $1.15.