In a significant market shift, Nasdaq rose 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris as the Democratic nominee. Meanwhile, the Dow Jones Industrial Average and S&P 500 experienced modest increases of 0.3% and 1.1%, respectively.
In an interesting turn of events, the crypto-based betting platform Polymarket and New Zealand’s PredictIt are also backing Harris, indicating a strong belief in her potential as the 47th president of the United States.
Nvidia saw a notable 4% increase in its stock price amid reports that the tech giant is creating a new version of its Blackwell AI chips intended for the Chinese market. The anticipated chip, named “B20,” is expected to launch in collaboration with local partner Inspur, with shipments commencing in the second quarter of 2025.
Tesla’s stock surged by nearly 5% as the company prepares to release its earnings report. CEO Elon Musk teased an update on the much-anticipated robotaxi unveiling, stating that useful humanoid robots for internal Tesla use could be produced next year, with a larger rollout expected by 2026.
Conversely, CrowdStrike, the cybersecurity firm involved in a recent global tech outage, continues to recover. Although approximately 8.5 million affected Windows devices are slowly returning to operational status, CrowdStrike’s stock was down over 13%, trading around $263.
Verizon experienced a near 6% drop in its stock price following a disappointing quarterly earnings report. The telecommunications giant missed revenue estimates, attributing the decline to customers holding onto their old phones longer, impacting upgrade rates for new devices. Verizon’s second-quarter revenue stood at $32.8 billion, falling short of the predicted $33.06 billion, while its earnings per share (EPS) met expectations at $1.15.
As the market responds to these developments, stakeholders across various sectors remain watchful of how these dynamics will play out in the coming weeks, particularly in the context of leadership changes and advancements in technology. The resilience shown by companies like Nvidia and Tesla provides a glimmer of optimism for investors navigating these fluctuating market conditions.
Overall, despite setbacks for certain companies, there is a sense of anticipation for future innovations and political shifts that could positively influence the market landscape.