On Monday afternoon, the Nasdaq experienced a rise of 1.5%, up 277 points, following President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. Meanwhile, the Dow Jones Industrial Average and S&P 500 saw increases of 0.3% and 1.1%, respectively.
The betting platform Polymarket is backing Harris as the Democratic nominee for president, while PredictIt, a New Zealand-based site, predicts she will become the 47th president of the United States.
In the tech sector, Nvidia’s shares climbed by 4% after reports emerged that the company is working on a new version of its Blackwell AI chips specifically for the Chinese market. Collaborating with local distribution partner Inspur, Nvidia aims to introduce the “B20” chip, expected to ship in the second quarter of 2025. The company has not commented on the report.
Tesla’s stock rose nearly 5%, a day before its earnings report was scheduled to be released. Elon Musk is anticipated to provide updates regarding the company’s delayed robotaxi initiative. Musk mentioned on social media that Tesla plans to have functional humanoid robots for internal use next year, and hopes for mass production for other companies by 2026.
CrowdStrike, the cybersecurity firm linked to a recent global tech outage, is still dealing with the aftermath. The company reported that a significant number of the approximately 8.5 million impacted Windows devices are now operational. However, CrowdStrike’s stock remained down over 13% in the afternoon, trading around $263.
Verizon faced a nearly 6% drop in stock value after the release of its quarterly earnings report. The telecommunications company reported quarterly revenue of $32.8 billion, which fell short of analysts’ average estimate of $33.06 billion. Its earnings per share (EPS) of $1.15 was in line with expectations, but the company pointed to customers keeping their old phones longer as a factor in its declining upgrade rates.