California’s recent implementation of a $20 minimum wage for fast food workers has not resulted in job losses, according to a new study.
In the stock market, the Nasdaq saw a boost of 1.5%, gaining 277 points on Monday afternoon. This uptick followed President Joe Biden’s announcement that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average also experienced gains, adding 0.3%, while the S&P 500 rose by 1.1%.
In political betting, Polymarket has identified Harris as the likely Democratic nominee for president, and PredictIt suggests she may become the 47th president of the United States.
In the tech sector, shares of Nvidia rose by 4% after news that the company is developing a new version of its Blackwell AI chips specifically for the Chinese market. Reports indicate that Nvidia will partner with Inspur for the launch of a chip named the “B20,” expected to begin shipping in the second quarter of 2025. Nvidia has not commented on the report.
Meanwhile, Tesla’s stock surged nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to discuss the company’s delayed robotaxi rollout. Musk shared on X that Tesla plans to produce humanoid robots for internal use starting next year, with hopes to increase production for external companies by 2026.
CrowdStrike, the cybersecurity firm linked to a recent significant global tech outage, is slowly recovering. The company reported that a majority of the approximately 8.5 million affected Windows devices are now operational, although CrowdStrike’s stock dropped over 13% on Monday, trading around $263.
Lastly, Verizon’s stock fell nearly 6% after the company’s quarterly earnings report did not meet expectations. Customers are keeping their old phones longer, impacting upgrade rates linked to promotional plans. Verizon reported second-quarter revenues of $32.8 billion, slightly below analyst forecasts of $33.06 billion, and an earnings per share of $1.15, which met expectations.