The Nasdaq experienced a boost of 1.5%, adding 277 points on Monday afternoon. This upward movement followed President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 recorded gains of 0.3% and 1.1%, respectively.
Betting platforms such as Polymarket are backing Harris as the Democratic nominee, while PredictIt forecasts that she may become the 47th president of the United States.
Nvidia’s stock rose by 4% after it was reported that the company is working on a version of its new Blackwell AI chips for the Chinese market, in collaboration with the local distributor, Inspur. The anticipated chip, tentatively named “B20,” is expected to begin shipping in the second quarter of 2025, though Nvidia has not commented on this development.
Tesla’s shares jumped nearly 5% ahead of the company’s upcoming earnings report, where CEO Elon Musk is expected to discuss updates on the delayed release of their robotaxi. Musk stated on social media that Tesla plans to have functional humanoid robots for internal use by next year, and aims for mass production by 2026.
Meanwhile, CrowdStrike is still recovering from a significant global tech outage that affected around 8.5 million Windows devices. The company reported that a substantial number of these devices are now operational again, but its stock has dropped over 13%, trading at approximately $263.
Verizon’s stock fell nearly 6% following the release of its quarterly earnings report, which revealed a miss on revenue estimates as customers are retaining their old phones longer, impacting upgrade rates. The company reported second-quarter revenue of $32.8 billion, just below the expected $33.06 billion, with earnings per share matching projections at $1.15.