Nasdaq increased by 1.5%, adding 277 points on Monday afternoon, following President Joe Biden’s announcement on Sunday that he would withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also experienced gains of 0.3% and 1.1%, respectively.
The betting platform Polymarket is backing Harris as the Democratic nominee, while PredictIt, a platform based in New Zealand, forecasts that she will become the 47th president of the United States.
Shares of Nvidia rose by 4% in the afternoon after reports emerged that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia plans to collaborate with local distributor Inspur to launch and sell the chip, which is tentatively named the “B20,” in China, with expectations for shipments to commence in the second quarter of 2025. The company has refrained from commenting on the report.
Tesla’s stock climbed nearly 5% a day prior to its earnings report, during which CEO Elon Musk is anticipated to discuss the company’s postponed robotaxi launch. Musk stated on social media that Tesla is expected to have functional humanoid robots for internal use next year, with plans for large-scale production for external companies by 2026.
CrowdStrike, the cybersecurity firm linked to last Friday’s significant global tech outage, is still dealing with the aftermath. The company reported that a substantial number of the approximately 8.5 million Windows devices affected are now back online. However, CrowdStrike’s stock was down over 13% in the afternoon, trading around $263.
Verizon’s stocks plummeted nearly 6% following the release of its quarterly earnings report, which revealed that the company fell short of revenue expectations as consumers are keeping their old devices for longer. Verizon’s second-quarter revenue was $32.8 billion, slightly below the analysts’ average forecast of $33.06 billion, while its earnings per share (EPS) was $1.15, matching expectations.