On Monday afternoon, the Nasdaq experienced a rise of 1.5%, gaining 277 points, following President Joe Biden’s announcement to withdraw from the presidential race and endorse Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 also increased, by 0.3% and 1.1%, respectively.
The crypto-based betting platform Polymarket has identified Harris as the likely Democratic nominee for president, while PredictIt, based in New Zealand, predicts she will become the 47th president of the United States.
Nvidia’s stock rose by 4% after reports from Reuters indicated that the company is in the process of developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is collaborating with Inspur, a local distribution partner, to introduce and market the chip, tentatively named “B20,” with expectations for shipments to commence in the second quarter of 2025. The company has not provided any comments on the report.
Tesla’s stock jumped nearly 5% one day before its earnings report, where CEO Elon Musk is anticipated to discuss updates regarding the company’s delayed robotaxi project. Musk stated on social media that Tesla aims to have functional humanoid robots in low production for internal use by next year, with hopes for broader production by 2026.
Meanwhile, cybersecurity firm CrowdStrike is still addressing the repercussions of a substantial global tech outage caused by their services. They reported that a significant portion of the approximately 8.5 million affected Windows devices have returned to being operational. However, CrowdStrike’s stock fell over 13% on Monday afternoon, trading around $263.
Verizon’s stock declined nearly 6% following the release of its quarterly earnings report, which revealed that the company missed revenue expectations due to customers retaining their old phones for extended periods. This trend has adversely affected the upgrade rates for telecom companies that offer new mobile phone lines with promotional plans. Verizon’s revenue for the second quarter was $32.8 billion, just shy of analysts’ expectations of $33.06 billion, with earnings per share reported at $1.15, in line with forecasts.