Trump Media stock is currently experiencing a significant downturn.
On Monday afternoon, the Nasdaq Composite rose by 1.5%, gaining 277 points following President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
A betting platform, Polymarket, has begun to favor Harris as the likely Democratic nominee for president, while PredictIt, a New Zealand-based platform, predicts she may become the 47th president of the United States.
In other news, Nvidia has seen a 4% increase in shares after reports surfaced indicating the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia plans to partner with a local distributor, Inspur, to introduce the chip, referred to as the “B20,” in China, with shipping expected to begin in the second quarter of 2025. The company has not provided an official comment on these developments.
Tesla’s stock jumped almost 5% as investors await its earnings report scheduled for tomorrow, where CEO Elon Musk is anticipated to discuss the delayed launch of its robotaxi service. Musk stated on social media that the company expects to produce functional humanoid robots for internal use by next year, with hopes for commercial production by 2026.
Meanwhile, CrowdStrike is still managing the consequences of a massive tech outage linked to its services. The company reported that many of the approximately 8.5 million affected Windows devices are gradually coming back online. However, CrowdStrike’s stock price fell over 13%, trading around $263 on Monday afternoon.
Verizon’s stock experienced a sharp decline of nearly 6% after the company released its quarterly earnings report, which fell short of revenue projections. The telecommunications firm cited a trend of customers holding onto their old phones longer, adversely affecting upgrade rates linked to new promotional offers. For the second quarter, Verizon reported revenue of $32.8 billion, slightly under the anticipated $33.06 billion, with earnings per share aligning with expectations at $1.15.