The Bank of Japan has decided to maintain its current interest rates, leading to a resurgence of interest in the yen carry-trade, according to financial strategists.
On Monday afternoon, the Nasdaq climbed 1.5%, gaining 277 points, following President Joe Biden’s withdrawal from the presidential election and his backing of Vice President Kamala Harris. During the same period, the Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1% respectively.
In the world of crypto, the betting platform Polymarket favors Harris as the Democratic presidential nominee, while PredictIt from New Zealand anticipates she will become the 47th president of the United States.
Nvidia’s shares increased by 4% after reports emerged that the tech giant is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is collaborating with local partner Inspur to launch the chip, provisionally named the “B20,” which is projected to begin shipping in the second quarter of 2025. Nvidia has chosen not to comment on these developments.
Tesla’s stock rose nearly 5% ahead of its upcoming earnings report, with Elon Musk expected to discuss the delayed rollout of the company’s robotaxi initiative. Musk indicated that Tesla plans to produce humanoid robots for internal use next year, with hopes of ramping up production for external companies by 2026.
CrowdStrike, the cybersecurity firm involved in a significant global tech outage last week, is slowly recovering from the incident. The company reported that many of the approximately 8.5 million Windows devices affected have been restored and are operational again. However, its stock slid over 13% on Monday, trading around $263.
Verizon experienced a nearly 6% drop in stock value following the release of its quarterly earnings report. The telecommunications company fell short of revenue expectations as customers are increasingly retaining their old phones for longer, adversely affecting upgrade rates tied to promotional offerings. Verizon’s second-quarter revenue reached $32.8 billion, slightly below the anticipated $33.06 billion, while its earnings per share matched expectations at $1.15.