On Monday afternoon, the Nasdaq saw a rise of 1.5%, up 277 points, following President Joe Biden’s exit from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also recorded gains, increasing by 0.3% and 1.1%, respectively.
The betting platform Polymarket is currently favoring Harris as the likely Democratic nominee, while PredictIt suggests she may become the 47th president of the United States.
In other market updates, shares of Nvidia climbed 4% after reports indicated the company is developing a variant of its Blackwell AI chips specifically for the Chinese market. Nvidia is collaborating with local distributor Inspur to introduce the new chip, referred to as the “B20,” which is expected to begin shipping in the second quarter of 2025.
Tesla’s stock experienced a surge of nearly 5% as it approached its earnings report, where CEO Elon Musk is anticipated to give insights on the delayed release of the company’s robotaxi. Musk stated on X that Tesla aims to have basic humanoid robots in low production for internal use next year, with high production hoped for by 2026.
In contrast, CrowdStrike, the cybersecurity firm responsible for last Friday’s significant tech outage, continued to address the aftermath. The company announced that a considerable number of the approximately 8.5 million affected Windows devices are now functional again. Nevertheless, CrowdStrike’s stock dipped over 13% on Monday, trading around $263.
Verizon’s stock dropped nearly 6% after the release of its quarterly earnings report, which revealed that the company fell short of revenue expectations. The telecom giant reported second-quarter revenue of $32.8 billion, slightly below the anticipated $33.06 billion, while its earnings per share (EPS) matched forecasts at $1.15. The decline in revenue was attributed to customers retaining their old phones for extended periods, negatively impacting upgrade rates associated with promotional offers.