The Nasdaq composite index rose by 1.5%, gaining 277 points on Monday afternoon, following President Joe Biden’s decision to withdraw from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. In addition, the Dow Jones Industrial Average and S&P 500 increased by 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket currently supports Harris as the Democratic nominee for president, while New Zealand’s PredictIt forecasts she could become the 47th president of the United States.
In company news, Nvidia’s shares climbed by 4% after Reuters reported that the tech giant is working on a version of its new Blackwell AI chips aimed at the Chinese market. Nvidia is expected to collaborate with local distributor Inspur to launch the chip, provisionally named the “B20,” with shipping anticipated in the second quarter of 2025. The company declined to provide further comments.
Tesla’s stock experienced a nearly 5% increase just one day before its earnings report, where CEO Elon Musk is expected to discuss updates regarding the delayed launch of its robotaxi. Musk stated on X that “Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and, hopefully, high production for other companies in 2026.”
On the other hand, CrowdStrike, the cybersecurity firm linked to last week’s significant tech outage, is slowly recovering from the incident. The company reported that a substantial portion of the roughly 8.5 million affected Windows devices is now back online. However, CrowdStrike’s stock was down over 13% in afternoon trading, hovering around $263.
Verizon faced a nearly 6% drop in shares following the publication of its quarterly earnings report. The telecommunications provider fell short of revenue forecasts, largely due to customers opting to keep their old phones for longer—which has negatively affected upgrade rates tied to promotional plans. Verizon’s second-quarter revenue reached $32.8 billion, slightly below the average analyst estimate of $33.06 billion, while earnings per share (EPS) were reported at $1.15.