Darden Restaurants’ stock soared following a new partnership with Uber for delivery services. The stock price surged in response to the announcement, reflecting positive market sentiment.
On the broader market front, the Nasdaq Composite climbed by 1.5%, gaining 277 points on Monday. This uptick followed President Joe Biden’s decision to withdraw from the presidential race and his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw increases of 0.3% and 1.1%, respectively.
In political predictions, the betting platform Polymarket has indicated Harris as the likely Democratic nominee, while PredictIt suggests she might become the 47th president of the United States.
In the tech sector, Nvidia’s stock rose by 4% after news broke that the company is working on a new version of its Blackwell AI chips tailored for the Chinese market. This development involves a partnership with a local distributor, Inspur, for the anticipated launch of the chip, which is expected to start shipping by the second quarter of 2025.
Tesla’s shares surged nearly 5% a day ahead of its earnings report, where CEO Elon Musk is anticipated to provide updates on the company’s long-awaited robotaxi initiative. Musk stated on social media that Tesla plans to produce humanoid robots for internal use next year, with hopes of expanding production for external clients by 2026.
CrowdStrike, the cybersecurity firm linked to a recent global tech outage, continues to recover from the incident. The company reported that a large portion of the approximately 8.5 million affected Windows devices are now operational, although its stock fell over 13% to around $263 on Monday.
Verizon experienced a nearly 6% drop in its stock following the release of its quarterly earnings report. The telecommunications giant missed revenue expectations as customers delay upgrading their devices, impacting their promotional plans. Verizon’s revenue for the second quarter was reported at $32.8 billion, slightly under analysts’ estimates of $33.06 billion, with earnings per share matching expectations at $1.15.