Trump Media stock is experiencing a significant downturn.
On Monday afternoon, the Nasdaq rose by 1.5%, adding 277 points following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 gained 0.3% and 1.1%, respectively, in the afternoon.
The crypto-based betting platform Polymarket has endorsed Harris as the Democratic nominee for president, and a New Zealand-based platform, PredictIt, forecasts her to become the 47th president of the United States.
Nvidia’s stock saw a 4% increase after reports revealed that the company is developing a variant of its new Blackwell AI chips for China, in partnership with local distributor Inspur. The chip, tentatively named the “B20,” is expected to start shipping in the second quarter of 2025, although Nvidia has not commented on the report.
Meanwhile, Tesla’s shares surged nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to discuss the company’s delayed robotaxi rollout. Musk indicated on social media that Tesla plans to have “genuinely useful humanoid robots” in limited production for internal use next year, with hopes for higher production for other companies by 2026.
CrowdStrike is still facing issues following last week’s major global tech outage. Over 8.5 million Windows devices were affected, but many are gradually coming back online. Despite this, CrowdStrike’s stock was down over 13% in the afternoon, trading around $263.
Verizon’s stock plummeted nearly 6% after the release of its quarterly earnings report, which missed revenue expectations due to customers holding onto their old phones longer, negatively affecting upgrade rates for telecom providers. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, with earnings per share (EPS) of $1.15, in line with expectations.