A recent survey reveals that a majority of Americans do not consider themselves wealthy even with a million dollars.
On Monday afternoon, the Nasdaq composite climbed by 1.5%, or 277 points, following President Joe Biden’s announcement that he will not seek re-election, alongside his endorsement of Vice President Kamala Harris. The Dow Jones Industrial Average and S&P 500 also saw gains, increasing by 0.3% and 1.1%, respectively, during the afternoon session.
The betting platform Polymarket suggests that Harris will be the Democratic nominee for president, while PredictIt from New Zealand forecasts that she will become the 47th president of the United States.
In tech news, Nvidia’s stock rose by 4% after reports emerged that the company is developing a version of its new Blackwell AI chips specifically for the Chinese market. Nvidia is partnering with local distributor Inspur to launch the chip, tentatively named the “B20,” which is anticipated to start shipping by the second quarter of 2025. The company has not commented on the development.
Tesla’s stock increased nearly 5% in anticipation of its upcoming earnings report, where CEO Elon Musk is expected to discuss updates regarding the launch of the delayed robotaxi. Musk stated on X that Tesla plans to have functional humanoid robots in low production for internal use next year, with the hope of increasing production for external companies by 2026.
CrowdStrike, the cybersecurity firm linked to last Friday’s significant global tech outage, is still experiencing challenges but reports that many of the impacted 8.5 million Windows devices are being restored. However, CrowdStrike’s stock fell over 13% on Monday, trading around $263.
Verizon’s stock dropped nearly 6% following its quarterly earnings report, which revealed a shortfall in revenue projections. The telecommunications giant reported second-quarter revenue of $32.8 billion, just shy of analysts’ expectations of $33.06 billion, with earnings per share meeting forecasts at $1.15. The decline was attributed to customers retaining their previous phones for longer, adversely affecting upgrade rates amid promotional offers.