On Monday afternoon, the Nasdaq rose by 1.5%, gaining 277 points, following President Joe Biden’s announcement that he would not seek re-election and endorsements for Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, increasing by 0.3% and 1.1%, respectively.
Betting predictions are favoring Harris, with the crypto-based platform Polymarket identifying her as the likely Democratic nominee, while PredictIt from New Zealand forecasts her as the potential 47th president of the United States.
In market news, Nvidia’s stock climbed by 4% after reports surfaced that the company is working on a variant of its Blackwell AI chips specifically for China. Nvidia plans to partner with local distributor Inspur to launch the product, tentatively named the “B20,” expected to ship in the second quarter of 2025. Nvidia has not provided further comment on this development.
Tesla’s stock saw a nearly 5% rise just before the company’s earnings report, where CEO Elon Musk is anticipated to discuss the unveiling of its delayed robotaxi. Musk shared on social media that Tesla aims to produce useful humanoid robots for internal use next year, with hopes of higher production for external companies by 2026.
CrowdStrike, the cybersecurity firm linked to a recent significant global tech outage, is still managing the aftermath, although many affected Windows devices are returning online. However, CrowdStrike’s stock declined by over 13% Monday afternoon, trading around $263.
Verizon experienced a nearly 6% drop in stock price post-earnings report, as the company fell short of quarterly revenue expectations. The telecommunications giant reported second-quarter revenue of $32.8 billion, slightly below the forecasted $33.06 billion. Its earnings per share were $1.15, matching analysts’ predictions.