McDonald’s is facing its first lawsuit related to the E. coli outbreak linked to its Quarter Pounder burgers.
On Monday afternoon, the Nasdaq climbed by 1.5%, gaining 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.
The crypto betting platform Polymarket is backing Harris as the Democratic nominee for president, while PredictIt, based in New Zealand, predicts she will become the 47th president of the United States.
In market news, Nvidia’s shares rose approximately 4% after Reuters reported that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with local distribution partner Inspur to launch the chip, tentatively named the “B20,” with expectations to begin shipping in the second quarter of 2025. Nvidia did not provide further comment.
Tesla shares surged by nearly 5% in anticipation of its earnings report, which is expected to feature an update from Elon Musk regarding the delayed debut of the company’s robotaxi service. Musk mentioned on social media that Tesla aims to have usable humanoid robots in low production for internal use next year, with hopes for higher production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to a significant global tech outage last Friday, continues to recover from the incident. The company reported that a substantial number of the 8.5 million affected Windows devices are now operational. Despite this, CrowdStrike’s stock was down over 13% on Monday, trading around $263.
Verizon’s stock dropped almost 6% following the release of its quarterly earnings report, which showed the company missed revenue estimates due to customers keeping their old phones for longer, negatively affecting upgrade rates. Verizon’s second-quarter revenue was $32.8 billion, just short of the expected $33.06 billion, and its earnings per share were $1.15, which aligned with expectations.