Trump Media stock continues to experience a downturn as Nasdaq rises 1.5%, gaining 277 points on Monday afternoon. This uptick follows President Joe Biden’s announcement that he is withdrawing from the presidential race and endorsing Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
In prediction markets, Polymarket supports Harris as the Democratic nominee, while PredictIt forecasts her as the potential 47th president of the United States.
Nvidia’s shares increased by 4% after news emerged that the company is working on a version of its Blackwell AI chips for the Chinese market. Reports indicate that Nvidia will collaborate with Inspur, a local distributor, to launch the chip, named the “B20,” expected to begin shipping in the second quarter of 2025. Nvidia has not provided any comments on this development.
Tesla’s stock jumped nearly 5% ahead of its earnings report, during which Elon Musk is anticipated to discuss the delayed introduction of the company’s robotaxi. Musk stated on social media that Tesla aims to produce humanoid robots for internal use next year, with broader production targeted for 2026.
CrowdStrike, the cybersecurity company linked to a significant global tech outage, reported a continued decline in its stock, which fell over 13% to approximately $263 on Monday afternoon. The company reassured that a majority of the 8.5 million affected Windows devices are gradually returning to operation.
Verizon saw its stock drop nearly 6% following the release of its quarterly earnings report. The telecommunications giant missed revenue projections due to customers retaining their old devices longer, which has lowered upgrade rates for promotional plans. Verizon’s second-quarter revenue was reported at $32.8 billion, just shy of analysts’ $33.06 billion expectation, while earnings per share met estimates at $1.15.