Trump Media stock is experiencing a significant downturn.
On Monday afternoon, the Nasdaq rose by 1.5%, gaining 277 points, following President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw modest gains of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket has identified Harris as the likely Democratic nominee for president, while PredictIt predicts she may become the 47th president of the United States.
In another development, Nvidia shares surged by 4% after reports emerged that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is expected to collaborate with Inspur, a local distribution partner, on the rollout of the chip, tentatively named the “B20,” which is projected to begin shipping in the second quarter of 2025. Nvidia has not commented on these reports.
Tesla’s stock soared by nearly 5% ahead of its forthcoming earnings report, during which CEO Elon Musk is anticipated to provide updates on the company’s delayed robotaxi project. Musk stated on social media that “Tesla will have genuinely useful humanoid robots in low production for internal use next year and, hopefully, high production for other companies by 2026.”
CrowdStrike, the cybersecurity firm linked to Friday’s massive global tech outage, is still dealing with the aftermath. The company reported that of the 8.5 million Windows devices affected, many are back online and operational. Nevertheless, CrowdStrike’s stock declined by over 13% on Monday afternoon, trading around $263.
Verizon shares dropped nearly 6% in the afternoon after the company released its quarterly earnings report, which fell short of revenue expectations. The telecommunications giant attributed the decline to customers holding onto their older phones for longer, adversely affecting upgrade rates tied to promotional plans. Verizon reported a second-quarter revenue of $32.8 billion, which was slightly below the analysts’ average estimate of $33.06 billion, with earnings per share remaining in line at $1.15.