Trump Media stock is experiencing significant losses.
On Monday afternoon, the Nasdaq increased by 1.5%, gaining 277 points, following President Joe Biden’s decision to withdraw from the presidential race on Sunday 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.
The crypto betting platform Polymarket has backed Harris as the Democratic nominee for president, while the New Zealand-based PredictIt anticipates that she will become the 47th president of the United States.
Nvidia’s stock climbed by 4% after reports indicated that the company is working on a version of its new Blackwell AI chips intended for the Chinese market. Nvidia is reportedly partnering with local distributor Inspur to launch and sell the chip, provisionally named the “B20,” with shipments expected to start in the second quarter of 2025. Nvidia has not publicly commented on this development.
Tesla shares jumped nearly 5% in advance of its earnings report, during which CEO Elon Musk is expected to address the company’s postponed robotaxi launch. Musk stated on X that Tesla plans to produce humanoid robots for internal use next year, with hopes for wider production by 2026.
CrowdStrike, the cybersecurity firm involved in a substantial global tech outage last Friday, continues to manage the aftermath. The company reported that a large number of the approximately 8.5 million Windows devices affected are now back online. Despite this, CrowdStrike’s stock fell over 13% Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop after releasing its quarterly earnings report, which showed revenues falling short of market expectations. The company attributed this to customers prolonging the lifespan of their devices, negatively impacting upgrade rates for promotional mobile plans. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below the analysts’ average forecast of $33.06 billion, while its earnings per share stood at $1.15, in line with predictions.