Trump Media stock is currently experiencing a significant downturn. On Monday afternoon, the Nasdaq index climbed 1.5%, adding 277 points after President Joe Biden announced he would not seek reelection and endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, increasing by 0.3% and 1.1%, respectively.
The betting platform Polymarket is indicating support for Harris as the Democratic presidential nominee, while PredictIt, based in New Zealand, predicts her future presidency as the 47th president of the United States.
Nvidia’s stock rose by 4% following reports that the company is creating a version of its Blackwell AI chips tailored for the Chinese market. Nvidia is set to collaborate with local partner Inspur to launch the chip, referred to as the “B20,” expected to ship in the second quarter of 2025. The company has opted not to provide further comments.
Tesla’s stock surged nearly 5% ahead of its upcoming earnings report, where CEO Elon Musk is anticipated to discuss updates regarding the delayed launch of the company’s robotaxi. Musk mentioned on X that Tesla is on track to have functional humanoid robots in limited production for internal use next year, with plans for broader production by 2026.
Meanwhile, CrowdStrike continues to navigate the repercussions of the recent global tech outage linked to its services. The company reported that a significant portion of the impacted 8.5 million Windows devices are back online. However, CrowdStrike’s stock fell over 13% in afternoon trading, hovering around $263.
Verizon’s stock dropped nearly 6% following its quarterly earnings report, which showed the company missed revenue expectations due to customers keeping their existing phones for longer. This trend has negatively affected the company’s upgrade rates. Verizon reported second-quarter revenue of $32.8 billion, slightly below the anticipated $33.06 billion, and earnings per share of $1.15, which met expectations.