Trump Media may be classified as a meme stock, according to a strategist’s assessment. On Monday afternoon, the Nasdaq rose by 1.5%, gaining 277 points, following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. During the same timeframe, the Dow Jones Industrial Average and the S&P 500 saw increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform, Polymarket, has indicated that Harris is likely to be the Democratic presidential nominee, while PredictIt, based in New Zealand, suggests she may become the 47th president of the United States.
In other market news, Nvidia shares surged by 4% after reports emerged that the company is creating a version of its Blackwell AI chips specifically for the Chinese market. Nvidia is reportedly collaborating with local distribution partner, Inspur, to launch a chip tentatively named the “B20,” which is expected to start shipping in the second quarter of 2025.
Tesla’s stock rose nearly 5% ahead of its upcoming earnings report, during which CEO Elon Musk is anticipated to give an update on the delayed unveiling of the company’s robotaxi. Musk announced on social media that Tesla would have limited production of humanoid robots for internal use next year and aims for high production levels for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm responsible for a significant global tech outage, is still working through the aftermath. The company reported that many of the 8.5 million impacted Windows devices have returned to operational status, although its stock was down over 13% in the afternoon, hovering around $263.
Verizon faced a nearly 6% decline in its stock price after it released its quarterly earnings report, which fell short of revenue expectations. The telecommunications company noted that customers are retaining their old phones longer, adversely affecting upgrade rates for telecom providers offering promotional plans. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, and its earnings per share were in line with expectations at $1.15.