Wall Street saw significant gains after President Biden withdrew from the 2024 presidential race, endorsing VP Kamala Harris. Investors shifted back to mega-cap stocks, notably in tech. The S&P 500 rose 1.1%, Dow 0.3%, and Nasdaq 1.6%. Treasury yields increased, and the VIX dropped. Notable stock moves: Mattel up 15%, Nvidia up nearly 5%, and Verizon down 6%. Internationally, China's central bank cut rates to boost growth. This week, key earnings include Alphabet, Tesla, Visa, and Ford, along with important economic data on housing, GDP, and inflation.
Ryanair shares fell 15.4% after weak Q1 earnings and a 46% drop in profit.
CrowdStrike dropped 13.5% following a major outage, prompting a downgrade by Guggenheim. IQVIA Holdings rose 9.2% on strong earnings.
Nvidia gained 4.8% on news of chip developments for China. Verizon fell 6% due to lower-than-expected revenue.
Tesla surged 5% ahead of earnings, with CEO Musk announcing future humanoid robots.
Chinese EV stocks rose after China cut key interest rates.
Mattel jumped 15% on acquisition interest from L Catterton.
Semiconductor stocks rebounded, with the VanEck Semiconductor ETF up nearly 4%.