Nvidia’s recent 20% stock drop may signal positive market trends, according to a strategist. On Monday, the Nasdaq gained 1.5%, adding 277 points, bolstered by President Joe Biden’s exit from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 experienced modest increases of 0.3% and 1.1%, respectively.
Polymarket, a cryptocurrency-based betting platform, favors Harris as the Democratic nominee, while PredictIt predicts she could become the 47th president of the United States.
In another development, Nvidia shares rose by 4% after reports indicated the company is working on a version of its new Blackwell AI chips for the Chinese market, in partnership with Inspur. The anticipated chip, referred to as “B20,” is expected to begin shipping in the second quarter of 2025, though Nvidia has not commented on the matter.
Tesla saw its stock increase by nearly 5% just one day prior to its earnings report, where CEO Elon Musk is expected to discuss the delays surrounding the company’s robotaxi launch. Musk mentioned on X that Tesla aims to have basic humanoid robots for internal use next year and hopes for higher production for external companies by 2026.
CrowdStrike continues to address the repercussions of a global tech outage linked to the company. After impacting around 8.5 million Windows devices, the firm reported improvements, with many devices now back online. However, CrowdStrike’s stock fell over 13% on Monday, hovering around $263.
Verizon experienced a nearly 6% drop in its stock following the release of its quarterly earnings report, which fell short of revenue expectations. Customers are reportedly retaining their old devices longer, leading to lower upgrade rates for telecom companies offering promotional plans. Verizon’s second-quarter revenue reached $32.8 billion, slightly below the analysts’ consensus estimate of $33.06 billion, with earnings per share matching expectations at $1.15.