Trump Media stock continues its slide as the markets react to political developments. On Monday afternoon, the Nasdaq index rose by 1.5%, adding 277 points, following President Joe Biden’s announcement that he would not seek re-election 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.
In related news, the betting platform Polymarket currently supports Harris as the Democratic frontrunner, while PredictIt, based in New Zealand, forecasts that she could become the 47th president of the United States.
Nvidia saw a boost as its shares rose by 4% following reports that the company is working on a new version of its Blackwell AI chips for the Chinese market. Nvidia is partnering with Inspur, a local distributor, to introduce the chip, likely named the “B20,” with shipping expected to start in the second quarter of 2025. The company has not commented on these developments.
Tesla’s shares experienced a nearly 5% increase ahead of its upcoming earnings report. Elon Musk is anticipated to discuss updates related to Tesla’s delayed robotaxi rollout. He mentioned on X that the company plans to have low production of humanoid robots for internal tasks next year, with hopes for higher production for other companies by 2026.
On a different note, CrowdStrike, the cybersecurity firm involved in last week’s widespread tech outage, reported that operations are slowly returning to normal. A post on X stated that a majority of the approximately 8.5 million affected Windows devices are now back online. However, CrowdStrike’s stock fell over 13% on Monday, trading at about $263.
Verizon’s stock dropped nearly 6% after the company released its quarterly earnings report, which fell short of revenue expectations. The telecommunications giant attributed the decline to customers retaining their old phones for longer periods, impacting upgrade rates. Verizon reported second-quarter revenues of $32.8 billion, just below the analyst consensus of $33.06 billion, with earnings per share matching expectations at $1.15.