On a notable trading day, the Nasdaq raised by 1.5%, or 277 points, on the heels of President Joe Biden’s announcement that he would not seek re-election and his endorsement of Vice President Kamala Harris as his successor. Meanwhile, the Dow Jones Industrial Average and the S&P 500 increased by 0.3% and 1.1%, respectively.
In the political betting market, Polymarket has shown a strong supporting trend for Harris as the likely Democratic nominee, with PredictIt projecting her as the potential 47th president of the United States.
In tech news, Nvidia’s stocks jumped by 4% after reports emerged that the company is developing its new Blackwell AI chips specifically for the Chinese market. Partnering with local distributor Inspur, the forthcoming “B20” chip is anticipated to begin shipments in the second quarter of 2025, although Nvidia has chosen not to comment on this development.
Tesla also experienced a rise of nearly 5% in its stock value the day prior to its much-anticipated earnings report. CEO Elon Musk hinted at the rollout of humanoid robots for internal use within the next year and potential mass production for other companies by 2026.
In contrast, cybersecurity firm CrowdStrike is still facing challenges after a significant global tech outage impacted around 8.5 million Windows devices. While many systems are being restored, the firm’s stock has plummeted by over 13%, trading around $263.
Finally, Verizon experienced a nearly 6% decline in their stock price after disappointing quarterly revenue figures. This drop was largely attributed to customers choosing to retain their old phones for longer durations, negatively affecting upgrade rates despite the telecommunications company’s efforts to incentivize new mobile phone lines. Verizon’s second-quarter revenue was reported at $32.8 billion, falling short of analysts’ expectations of $33.06 billion, with earnings per share meeting projections at $1.15.
As the market continues to respond to political and economic developments, investors are closely monitoring how these factors will influence trends moving forward. The overall growth in tech stocks like Nvidia and Tesla presents a positive outlook for innovation despite the obstacles faced by companies like Verizon and CrowdStrike.