Darden Restaurants’ stock surged following a delivery partnership with Uber, as the Nasdaq Composite Index rose by 1.5%, gaining 277 points on Monday afternoon. This increase coincided with President Joe Biden’s withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 both experienced gains of 0.3% and 1.1%, respectively.
In the betting market, Polymarket suggested Harris as the likely Democratic nominee, while PredictIt forecasts her as the potential 47th president of the United States.
Nvidia saw a 4% rise in its stock after reports surfaced that the company is developing a version of its Blackwell AI chips tailored for the Chinese market. Nvidia plans to collaborate with local partner Inspur to introduce and market the chip, referred to as the “B20,” which is anticipated to begin shipping in the second quarter of 2025. Nvidia has not commented on these developments.
Tesla’s stock rose nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to discuss delays in the company’s robotaxi rollout. Musk announced that Tesla plans to have a limited production of humanoid robots for internal use next year, with hopes for broader availability by 2026.
CrowdStrike, the cybersecurity firm implicated in a global tech outage, is still recovering from the incident. The company reported that many of the approximately 8.5 million affected Windows devices are returning to operational status. However, CrowdStrike’s stock dropped over 13% on Monday afternoon, trading around $263.
Verizon’s stock fell nearly 6% following its earnings report, which revealed a revenue miss attributed to customers retaining their old phones longer than expected. The second-quarter revenue was reported at $32.8 billion, slightly below the $33.06 billion average forecast by analysts. Verizon’s earnings per share of $1.15 matched expectations.