The Nasdaq Composite rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s announcement over the weekend that he will not seek re-election and has 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, is backing Harris as the Democratic nominee for president, while New Zealand’s PredictIt projects she will be the 47th president of the United States.
In other market news, Nvidia saw its shares rise by 4% after reports suggested the company is developing a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia will reportedly partner with Inspur, a local distributor, to launch and sell the chip, provisionally named the “B20,” which is anticipated to begin shipping in the second quarter of 2025. The company has not provided further comment on the matter.
Tesla’s stock experienced a nearly 5% rise a day before its earnings report, where CEO Elon Musk is expected to update on the much-anticipated robotaxi project. Musk stated on social media that the company plans to produce useful humanoid robots on a small scale for Tesla’s internal use next year, with larger production expected for other companies in 2026.
CrowdStrike, the cybersecurity firm responsible for the massive global tech outage on Friday, is still addressing the issues but reported some recovery. The company noted that many of the approximately 8.5 million Windows devices affected are back online and functioning, although CrowdStrike’s stock fell over 13% to around $263 by Monday afternoon.
Verizon’s stock dropped nearly 6% after the release of its quarterly earnings report, which showed the company falling short of revenue expectations. The telecommunications giant attributes this decline to customers retaining their old phones longer, impacting upgrade rates for promotional plans. Verizon reported second-quarter revenue of $32.8 billion, slightly below the expected $33.06 billion, and an earnings per share (EPS) of $1.15, meeting projections.