California’s newly implemented $20 minimum wage for fast food workers has not led to job losses, according to a recent study.
On Monday afternoon, the Nasdaq experienced a 1.5% increase, gaining 277 points, following President Joe Biden’s decision to withdraw from the presidential race and endorse Vice President Kamala Harris. During the same time, the Dow Jones Industrial Average rose by 0.3%, and the S&P 500 climbed 1.1%.
The crypto-based betting platform Polymarket has placed its support behind Harris as the likely Democratic nominee for president. Meanwhile, PredictIt, based in New Zealand, forecasts that she could become the 47th president of the United States.
In the tech sector, Nvidia’s shares saw a 4% rise after it was reported by Reuters that the company is working on a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia is expected to collaborate with the distribution partner Inspur to introduce the chip, referred to as the “B20,” with shipping anticipated to begin in the second quarter of 2025. Nvidia opted not to comment on this matter.
Tesla’s stock jumped nearly 5% ahead of its earnings report, where CEO Elon Musk is expected to give an update about the long-delayed robotaxi. Musk announced via X that Tesla plans to have useful humanoid robots in low production for internal use next year, targeting high production for other companies by 2026.
On the cybersecurity front, CrowdStrike continues to deal with the consequences of last week’s global tech outage. Days later, the company reported that a significant number of the approximately 8.5 million impacted Windows devices are now back online and operational. However, CrowdStrike’s stock was down over 13% in the afternoon, trading at around $263.
Verizon’s shares fell nearly 6% following the release of its quarterly earnings report, which showed a revenue shortfall as customers are extending the use of their old phones. This trend has negatively affected upgrade rates for telecom firms offering promotional plans with new phone lines. Verizon’s second-quarter revenue was reported at $32.8 billion, slightly below the analysts’ average estimate of $33.06 billion, with earnings per share (EPS) meeting expectations at $1.15.