A recent survey reveals that the majority of Americans do not consider themselves wealthy even if they have a million dollars.
In financial markets, the Nasdaq experienced a rise of 1.5%, gaining 277 points by Monday afternoon. This increase followed President Joe Biden’s exit from the presidential race on Sunday, during which he also endorsed Vice President Kamala Harris. The Dow Jones Industrial Average and the S&P 500 saw modest gains of 0.3% and 1.1%, respectively.
The betting platform Polymarket projects Harris as the Democratic nominee for president, while PredictIt from New Zealand anticipates that she will become the 47th president of the United States.
In corporate news, Nvidia saw a 4% increase in its stock after a report indicated that the company is creating a version of its new Blackwell AI chips tailored for the Chinese market. Nvidia is expected to partner with local distributor Inspur to launch and sell the chip, provisionally named “B20,” with shipments anticipated to begin in the second quarter of 2025, although Nvidia has not publicly commented on this development.
Tesla’s stock surged nearly 5% ahead of its earnings report, during which CEO Elon Musk is set to reveal updates regarding the delayed robotaxi concept. Musk shared on social media that Tesla aims to have functional humanoid robots in limited production for internal use by next year, with broader availability projected for 2026.
On the other hand, CrowdStrike continues to face challenges following a major global tech outage attributed to the company. Although a considerable number of the approximately 8.5 million affected Windows devices are now operational, CrowdStrike’s stock has declined over 13%, trading around $263.
Verizon’s stock fell nearly 6% on Monday after the company released its quarterly earnings report, which indicated it missed revenue estimates. The telecom giant reported revenues of $32.8 billion for the second quarter, falling short of the expected $33.06 billion, with earnings per share meeting projections at $1.15. The disappointing results are linked to customers holding onto their old phones longer, adversely affecting upgrade rates tied to promotional plans.