The Bank of Japan has decided against raising interest rates, reigniting interest in the yen carry trade, according to a strategist.
On Monday afternoon, the Nasdaq climbed 1.5%, gaining 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 increased by 0.3% and 1.1% respectively.
The betting platform Polymarket has endorsed Harris as the Democratic nominee, while PredictIt, based in New Zealand, forecasts that she will become the 47th president of the United States.
In other market news, Nvidia’s shares rose by 4% after a report indicated that the company is developing a new version of its Blackwell AI chips specifically for the Chinese market. Nvidia is collaborating with the local distribution partner Inspur to launch the chip, tentatively named the “B20,” which is expected to begin shipping in the second quarter of 2025. Nvidia has not commented on the report.
Tesla’s stock surged nearly 5% ahead of its earnings report. CEO Elon Musk teased an update regarding the company’s long-delayed robotaxi project, stating on social media that “Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and, hopefully, high production for other companies in 2026.”
Meanwhile, cybersecurity firm CrowdStrike is still addressing the consequences of a significant global tech outage that occurred last week. The company reported that of the approximately 8.5 million Windows devices affected, many have since returned to online operation. However, CrowdStrike’s stock was down over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% in its stock price following its quarterly earnings report, which fell short of revenue expectations as customers are delaying phone upgrades. For the second quarter, Verizon reported revenue of $32.8 billion, slightly below the estimated $33.06 billion, while its earnings per share (EPS) met expectations at $1.15.