Uber’s delivery partnership has led to a significant boost in Darden Restaurants’ stock. On Monday afternoon, the Nasdaq rose by 1.5%, adding 277 points, following President Joe Biden’s announcement of his withdrawal from the presidential race and his endorsement of Vice President Kamala Harris. Concurrently, the Dow Jones Industrial Average and S&P 500 rose by 0.3% and 1.1%, respectively.
According to a crypto-based betting platform, Polymarket, Harris is favored to be the Democratic nominee for president, while PredictIt predicts she will become the 47th president of the United States.
In another market development, Nvidia’s stock increased by 4% after reports stated that the company is working on a version of its new Blackwell AI chips intended for the Chinese market. Nvidia plans to collaborate with local distributor Inspur for the launch of the chip, provisionally named the “B20,” which is expected to start shipping in the second quarter of 2025.
Tesla experienced a nearly 5% increase in its stock price just one day before its earnings report, during which Elon Musk is anticipated to discuss the delayed introduction of the company’s robotaxi. Musk mentioned on X that Tesla aims to have useful humanoid robots in low production for internal use by next year and hopes for high production for external companies by 2026.
Meanwhile, CrowdStrike, the cybersecurity firm responsible for a major global tech outage last Friday, is still facing challenges, though operations are gradually normalizing. The company reported that a significant portion of the 8.5 million affected Windows devices is back online. However, CrowdStrike’s stock fell over 13% by Monday afternoon, trading around $263.
Verizon’s stock dropped nearly 6% following its quarterly earnings report, which showed revenue that fell short of estimates. The telecommunications giant reported second-quarter revenue of $32.8 billion, slightly below the analysts’ average expectation of $33.06 billion, with earnings per share of $1.15, meeting predictions.