Nasdaq Rises Amid Presidential Race; Nvidia and Tesla Lead Gains

The Nasdaq rises 200 points as the presidential race gets a reset and Nvidia bets on China

Nasdaq futures rose by 1%, gaining over 200 points on Monday morning, following President Joe Biden's withdrawal from the presidential race on Sunday and his endorsement of Vice President Kamala Harris. In the pre-market, the Dow Jones Industrial Average and S&P 500 added 0.2% and 0.6%, respectively. Crypto-based betting platform Polymarket and the New Zealand-based PredictIt are predicting that Harris has an 84% chance of becoming the Democratic nominee for president after she was endorsed by President Joe Biden. Meanwhile, Nvidia shares increased by 2.2% in the premarket after Reuters reported that the company is developing a version of its AI chips for the Chinese market. The top AI stock, which dipped last week, appears to be recovering today. Moreover, Verizon saw a sharp decline of nearly 4% in the premarket on Monday, following the release of its quarterly report. The telecommunications company missed its quarterly revenue estimates because customers are holding on to their old phones for longer periods of time. This trend has had a negative impact on upgrade rates for telecom companies that offer promotional plans along with new mobile phone lines. Verizon's second-quarter revenue was $32.8 billion, slightly below analysts' average estimate of $33.06 billion, and its earnings per share (EPS) was $1.15 per share, which is in line with expectations.

Nvidia, Tesla, Goodyear rise premarket; Verizon, CrowdStrike fall By Investing.com

Investing.com -- U.S. stock futures edged higher Monday, rebounding after the previous week's sharp losses and as President Joe Biden ended his bid to be re-elected. Here are some of the biggest premarket U.S. stock movers today: Nvidia (NASDAQ:NVDA) stock rose 2% after Reuters reported that the chipmaker is developing a version of its flagship artificial intelligence chips for Chinese markets that will fall in line with U.S. export restrictions. Verizon (NYSE:VZ) stock fell 2.7% after the telecommunications giant reported disappointing quarterly revenues even as it added more wireless subscribers than expected in the second quarter, at discounted prices. Tesla (NASDAQ:TSLA) stock rose 1.1% after CEO Elon Musk said the EV manufacturer will have humanoid robots in low production for the company's internal use next year, months after he announced that the rollout would be by the end of 2024. Bank of America (NYSE:BAC) stock lost 1.3% after Berkshire Hathaway (NYSE:BRKa) sold about 33.9 million shares of the lender for around $1.48 billion over multiple transactions last week. CrowdStrike (NASDAQ:CRWD) stock fell 4%, continuing Friday's hefty selloff despite the cybersecurity firm stating that a significant number of the 8.5 million Microsoft (NASDAQ:MSFT), up 0.7%, devices that were impacted as a result of a global tech outage related to a software update were back online and operational. Delta Air Lines (NYSE:DAL) stock fell 0.7% after the carrier canceled more than 600 Sunday mainline flights, about 17% of its schedule and more than any other U.S. airline as disruptions caused by the MicroSoft outage persisted. Goodyear (NASDAQ:GT) stock rose 1.5% after the tire giant announced plans to sell its Off-the-Road equipment tire business to Japan's Yokohama Rubber for $905 million in cash, as part of a drive to streamline its business. Ryanair (LON:0RYA) (NASDAQ:RYAAY) ADRs slumped 13% after the budget carrier reported a 46% fall in quarterly profit amid lower summer fares.