Trump Media stock is experiencing a significant decline.
On Monday afternoon, the Nasdaq rose by 1.5%, adding 277 points, following President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also reported gains of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket is predicting Harris as the Democratic nominee, while PredictIt anticipates her becoming the 47th president of the United States.
In corporate news, Nvidia saw a 4% increase in its stock after Reuters reported that the company is creating a version of its new Blackwell AI chips for China. Nvidia plans to collaborate with local partner Inspur to launch the chip, referred to as the “B20,” with shipping expected to start in the second quarter of 2025. Nvidia has chosen not to comment on this development.
Tesla’s stock surged nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to discuss the anticipated launch of their delayed robotaxi. Musk stated on social media that Tesla plans to produce useful humanoid robots for internal use next year and aims for broader production for other companies by 2026.
On the other hand, CrowdStrike, the cybersecurity firm involved in a major global tech outage last Friday, is still recovering. The company reported that many of the approximately 8.5 million impacted Windows devices are gradually coming back online. However, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Verizon’s stock dropped nearly 6% following its quarterly earnings report, which revealed that the company missed its revenue estimates due to consumers keeping their old phones longer, affecting upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average prediction of $33.06 billion, with earnings per share matched at $1.15.