Trump Media Group’s stock dropped by 7% after the company announced another quarterly loss.
On Monday afternoon, the Nasdaq increased by 1.5%, gaining 277 points, following President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw gains of 0.3% and 1.1% respectively.
The crypto betting platform Polymarket has made Harris the favorite as the Democratic nominee for president, while PredictIt, based in New Zealand, forecasts she will become the 47th president of the United States.
In other market news, Nvidia shares rose by 4% after reports surfaced that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is set to partner with local firm Inspur for the chip’s launch, tentatively called “B20,” expected to ship in the second quarter of 2025. Nvidia has not commented further on the matter.
Tesla’s stock surged nearly 5% on the eve of its earnings report, where CEO Elon Musk is anticipated to discuss the updates on the long-awaited robotaxi. Musk stated on social media that the company aims to have functional humanoid robots for internal use next year, with high production for other companies expected by 2026.
CrowdStrike, known for its cybersecurity services, continues to deal with the aftermath of a significant global tech issue that occurred last week. The company reported that many of the 8.5 million impacted Windows devices are now back online. However, CrowdStrike’s stock fell over 13% Monday afternoon, trading at around $263.
Verizon experienced a nearly 6% decline in its stock following its quarterly earnings report, which fell short of expectations. The telecommunications giant reported a second-quarter revenue of $32.8 billion, slightly below analysts’ expectations of $33.06 billion. Its earnings per share were $1.15, meeting predictions. The company cited customers’ reluctance to upgrade to new phones as a factor contributing to the revenue shortfall.