Trump Media stock continues to decline amid market shifts
Trump Media’s stock is experiencing a significant downward trend as the Nasdaq composite surged by 1.5%, gaining 277 points on Monday afternoon. This increase followed President Joe Biden’s announcement of his withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 saw minor gains of 0.3% and 1.1%, respectively.
In the wake of Biden’s announcement, the crypto-based betting platform Polymarket has backed Harris as the Democratic nominee, while PredictIt, a New Zealand-based betting exchange, forecasts that she will become the 47th president of the United States.
In other market news, Nvidia shares climbed nearly 4% in the afternoon after reports emerged that the company is designing a version of its new Blackwell AI chip specifically for the Chinese market. Working with local partner Inspur, Nvidia anticipates launching the chip, tentatively named the “B20,” in China, with shipments expected to begin in the second quarter of 2025. Nvidia has not provided any official comment regarding the reports.
Tesla’s stock jumped close to 5% just one day before its earnings report, where CEO Elon Musk is anticipated to discuss the timeline for the company’s delayed robotaxi initiative. Musk stated on X that Tesla aims to produce useful humanoid robots at low volumes for internal use next year, with hopes of scaling production for other companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to a major global tech outage experienced last Friday, is still working through the consequences, though operations are gradually resuming. The company reported that a significant portion of the 8.5 million affected Windows devices is now back online. CrowdStrike’s stock, however, remained down over 13% on Monday, trading around $263.
Lastly, Verizon shares fell nearly 6% following the release of its quarterly earnings report, which fell short of revenue expectations. The telecommunications giant noted that many customers are retaining their devices longer, negatively impacting the upgrade rates essential for promotional plans. Verizon reported second-quarter revenue of $32.8 billion, slightly below analysts’ expectations of $33.06 billion, with earnings per share (EPS) matching forecasts at $1.15.