On Monday afternoon, the Nasdaq rose by 1.5%, gaining 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 the S&P 500 also saw increases of 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket currently predicts Harris as the Democratic nominee for president, while New Zealand’s PredictIt forecasts her as the potential 47th president of the United States.
In the tech sector, Nvidia’s shares climbed 4% after reports revealed that the company is working on a version of its new Blackwell AI chips specifically for the Chinese market. Collaborating with local partner Inspur, the chip, temporarily named the “B20,” is expected to begin shipping in the second quarter of 2025. Nvidia has chosen not to comment on the matter.
Tesla’s stock experienced a nearly 5% surge just a day before its earnings report, where CEO Elon Musk is anticipated to provide updates on the highly awaited rollout of robotaxis. Musk indicated on X that the company expects to produce useful humanoid robots for internal use next year and aims for broader production for external companies in 2026.
Meanwhile, CrowdStrike, the cybersecurity firm linked to a recent major tech outage, is slowly recovering from the incident. According to the company, out of approximately 8.5 million affected Windows devices, many are now operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon saw its shares drop nearly 6% after reporting quarterly results that fell short of estimates. The telecommunications giant attributed the decline to customers opting to retain their older devices for longer, which negatively impacted upgrade rates linked to promotional plans. Verizon reported second-quarter revenue of $32.8 billion, slightly below the average analyst estimate of $33.06 billion, while its earnings per share met expectations at $1.15.