Trump Media stock is currently experiencing a significant decline. On Monday afternoon, the Nasdaq increased by 1.5%, adding 277 points, following President Joe Biden’s announcement that he is withdrawing from the presidential race and endorsing Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also posted gains, rising 0.3% and 1.1%, respectively.
In political betting, the crypto-based platform Polymarket supports Harris as the Democratic nominee, while the New Zealand-based PredictIt forecasts she may become the 47th president of the United States.
In the tech sector, Nvidia shares rose by 4% after reports indicated that the company is planning to develop a version of its new Blackwell AI chips for the Chinese market. Collaboration with local distributor Inspur is expected to help launch the chip, provisionally named “B20,” with shipments anticipated in the second quarter of 2025. Nvidia has not commented on these developments.
Tesla’s stock jumped nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to address the delays in the unveiling of the company’s robotaxi. Musk stated on X that Tesla will likely have functional humanoid robots in low production for in-house use next year, with wider production for external companies anticipated in 2026.
CrowdStrike, the cybersecurity firm involved in the recent major global tech outage, continues to deal with the aftermath. The company reported that a large number of the approximately 8.5 million impacted Windows devices are now back online. However, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Verizon’s stock dropped nearly 6% in the afternoon after the release of its quarterly earnings, which missed revenue expectations as consumers are retaining their older phones longer. Verizon reported second-quarter revenues of $32.8 billion, just shy of analysts’ expectations of $33.06 billion, and earnings per share (EPS) of $1.15, which was in line with forecasts.