McDonald’s is now facing its first lawsuit related to the E. coli outbreak associated with its Quarter Pounder burgers.
In other market news, the Nasdaq experienced a rise of 1.5%, gaining 277 points on Monday afternoon. This follows President Joe Biden’s announcement of his withdrawal from the presidential race on Sunday, where he also endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
In addition, the cryptocurrency betting platform Polymarket has Harris as the favored choice for the Democratic nominee, while PredictIt, based in New Zealand, forecasts her as the potential 47th president of the United States.
Nvidia shares gained 4% after Reuters reported the company is set to create a version of its Blackwell AI chips for the Chinese market. Nvidia intends to collaborate with a local partner, Inspur, for the distribution of these chips, expected to be named “B20,” which are projected to begin shipping in the second quarter of 2025. Nvidia has not provided further comments on this matter.
Tesla’s stock also saw a nearly 5% increase a day before its earnings report, where CEO Elon Musk is expected to address the delay of the company’s robotaxi initiative. Musk noted on X that Tesla plans to have usable humanoid robots in limited production for internal use next year, with a larger rollout for other companies anticipated in 2026.
Meanwhile, cybersecurity firm CrowdStrike is still dealing with the repercussions of last Friday’s global tech outage. The company stated that a significant number of the approximately 8.5 million affected Windows devices have returned to normal operations. However, CrowdStrike’s stock was down over 13% Monday afternoon, trading around $263.
Verizon’s stock dropped nearly 6% after the release of its quarterly earnings report, which showed that the company fell short of revenue expectations. This decline is attributed to customers retaining their old phones longer, impacting upgrade rates for carriers that market promotional plans with new devices. Verizon reported second-quarter revenue of $32.8 billion, just under analysts’ average forecast of $33.06 billion, with earnings per share meeting expectations at $1.15.