The Nasdaq increased by 1.5% on Monday afternoon, gaining 277 points after President Joe Biden announced his withdrawal from the presidential race on Sunday and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.
Polymarket, a crypto-based betting platform, has projected Harris as the Democratic nominee for president, while PredictIt, based in New Zealand, anticipates she will become the 47th president of the United States.
In a significant development for Nvidia, shares rose by 4% after it was reported that the company is creating a version of its new Blackwell AI chips aimed at the Chinese market. Nvidia is said to be partnering with local distributor Inspur to introduce the chip, reportedly called “B20,” expected to begin shipping in the second quarter of 2025. The company chose not to comment on this matter.
Meanwhile, Tesla’s stock saw a nearly 5% increase just one day before its earnings report, where CEO Elon Musk is expected to discuss the company’s delayed robotaxi unveiling. Musk mentioned on X that Tesla plans to have usable humanoid robots for internal use next year, with hopes for broader production for other companies by 2026.
CrowdStrike, the cybersecurity company involved in a massive global tech outage, is slowly recovering from the incident. The firm reported that a significant number of the approximately 8.5 million affected Windows devices are back online and operational, although its stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a sharp decline of nearly 6% after releasing its quarterly earnings report, which showed that the company missed revenue estimates. The trend of customers keeping their old phones longer has negatively affected upgrade rates for telecom companies. Verizon’s second-quarter revenue was reported at $32.8 billion, just below the average analyst estimate of $33.06 billion, with earnings per share at $1.15, consistent with expectations.