California’s newly implemented $20 minimum wage for fast food workers has not led to job losses, according to a recent study.
On Monday afternoon, the Nasdaq experienced a rise of 1.5%, adding 277 points in the wake of President Joe Biden’s announcement that he would not seek re-election and his endorsement of Vice President Kamala Harris. Additionally, both the Dow Jones Industrial Average and S&P 500 saw gains of 0.3% and 1.1%, respectively.
Market predictions show that the crypto-based betting platform Polymarket favors Harris as the Democratic nominee for president, while PredictIt, a New Zealand-based site, anticipates that she will become the 47th president of the United States.
Nvidia shares climbed by 4% after reports revealed that the company is planning to create a variant of its Blackwell AI chips specifically for the Chinese market. Nvidia is expected to partner with a local distributor, Inspur, to introduce the chip—tentatively named the “B20”—with shipping projected to begin in the second quarter of 2025. Nvidia has not commented on these developments.
Tesla’s stock rose nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to provide updates on the company’s postponed robotaxi launch. Musk stated on X that Tesla plans to create and utilize humanoid robots internally next year, with hopes for larger production for external companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to a significant global tech outage last Friday, continues to recover from the incident. The company reported that a large number of the approximately 8.5 million Windows devices affected are now back online. However, their stock saw a decline of over 13%, trading around $263 by Monday afternoon.
Verizon’s stock fell nearly 6% after the release of its quarterly earnings report, which revealed that the company fell short of revenue expectations. The telecommunications giant reported second-quarter revenues of $32.8 billion, just below analyst predictions of $33.06 billion, and an earnings per share (EPS) of $1.15, which met expectations.