On Monday, the S&P 500 jumped 1.1%, its biggest gain since June 5, driven by a tech sector rebound led by Nvidia. The NASDAQ rose 1.6%, and the Dow increased by 0.3%. Nvidia's shares surged nearly 5% after news of a China-compliant GPU, lifting the broader tech market ahead of major earnings from Alphabet and Tesla.
President Joe Biden withdrew from the presidential race, endorsing Vice President Kamala Harris as his successor. Harris needs to be officially nominated by the Democratic Party in August, while Trump has been nominated as the Republican candidate and is currently polling slightly better than Harris.
In corporate earnings, IQVIA Holdings rose over 9% due to strong tech and analytics results, while Verizon fell 6% after missing revenue estimates. CrowdStrike dropped 14% following downgrades related to a damaging software update.
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