California’s recent decision to implement a $20 minimum wage for fast food employees has not led to job losses, according to a new study.
On Monday afternoon, the Nasdaq experienced a 1.5% increase, gaining 277 points, buoyed by President Joe Biden’s announcement over the weekend that he is withdrawing from the presidential race and endorsing Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains of 0.3% and 1.1%, respectively.
Polymarket, a betting platform focused on cryptocurrency, has named Harris as the favored candidate for the Democratic presidential nomination, while PredictIt, based in New Zealand, forecasts that she could become the 47th president of the United States.
Nvidia stocks rose by 4% after reports emerged that the company is working on a variant of its new Blackwell AI chips specifically for the Chinese market. The chipmaker has partnered with local distributor Inspur to prepare for the launch of the chip, tentatively named the “B20,” which is anticipated to start shipping in the second quarter of 2025. Nvidia has not commented on the news.
Ahead of its impending earnings report, Tesla saw a nearly 5% increase in stock prices. Elon Musk is expected to provide updates regarding the delays surrounding the company’s robotaxi project. Musk stated on X that Tesla aims to have humanoid robots in limited production for internal use next year, with hopes for broader availability for other companies by 2026.
CrowdStrike, the cybersecurity firm responsible for a significant global tech outage on Friday, is still addressing the repercussions days later. The company reported that a large number of the 8.5 million Windows devices affected are becoming operational again. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon experienced a notable decline of nearly 6% after it announced its quarterly earnings, which fell short of expectations. The telecommunications provider reported that customers are keeping their devices longer, adversely affecting device upgrade rates. Verizon’s second-quarter revenue totaled $32.8 billion, slightly trailing analysts’ predictions of $33.06 billion, while its earnings per share matched expectations at $1.15.