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The S&P 500 rose 1.08% on Monday to its highest close since early June as tech stocks rebounded. Meanwhile, the Nasdaq Composite Index rose 1.58% and the Dow Jones Industrial Average rose 127.91 points, or 0.32%. Returning to the big tech stocks, Nvidia rose 4.8%, recouping last week’s losses. Meta and Alphabet both rose more than 2%. CrowdStrike, still reeling from last week’s global IT outage, didn’t fare much better, dropping 13.5%, adding to last week’s nearly 18% drop. It was the worst-performing stock in the S&P 500. Follow our live market updates.
A brand new GMC truck is on display at the Hanlees Hilltop GMC dealership on July 2, 2024 in Richmond, California.
Justin Sullivan | Getty Images
General Motors on Monday reported that its second-quarter profits handily beat Wall Street expectations. The company also raised some key financial targets for the current fiscal year. The company now expects full-year adjusted earnings before interest and taxes of $13 billion to $15 billion, or $9.50 to $10.50 a share, up from its previous outlook of $12.5 billion to $14.5 billion, or $9 to $10 a share. GM’s North American operations were a big factor in the strong quarter, driven by truck sales. But the company failed to achieve the expected return to profitability in China, which saw a big decline. GM’s electric vehicle deliveries rose 40% this quarter compared to the same period last year, but still accounted for only 3.2% of sales in the period. The company also indefinitely postponed production of its self-driving car, the Origin.
US Vice President Kamala Harris smiles as she speaks to the women’s and men’s NCAA championship teams during her first public appearance since President Joe Biden withdrew from the 2024 presidential race on the South Lawn of the White House in Washington, DC, on July 22, 2024.
Nathan Howard | Reuters
Vice President Kamala Harris raised a record amount of campaign funds on Monday, the day after President Joe Biden withdrew from the 2024 presidential race and endorsed Harris. Since Sunday afternoon, Harris and the Democratic Party have raised nearly $250 million in online donations and pledges from major donors, and her campaign noted that “more than 888,000 grassroots donors have donated in the past 24 hours, 60% of whom are making their first donations in the 2024 election cycle.” Harris, who praised Biden’s “legacy of work” in her first public remarks since the events of last weekend, also received significant endorsements from House Speaker Nancy Pelosi, senators, state governors and labor unions. In a sign of growing support, NBC News projected late Monday that Harris has received the support of a majority of pledged delegates for the Democratic convention. Harris needs this endorsement to become the party’s nominee. For more on the latest political developments, click here.
A view of Google’s headquarters in Mountain View, California, on April 16, 2024.
Teyfan Coskun | Anadolu | Getty Images
No deal. Cybersecurity company Wizz is withdrawing from a $23 billion takeover bid by Google and plans to pursue an IPO instead, which would have been Google’s biggest acquisition ever. A person familiar with the matter told CNBC that Wizz abandoned the deal in part due to antitrust and investor concerns. The search giant faces pressure to continue winning business amid an AI boom, and Wizz’s cloud security products would have helped it compete with Microsoft, which also sells security software. The news comes as Google parent Alphabet is set to report earnings after the close on Tuesday.
Visitors to the Top of the Rock Observation Deck behind the Comcast corporate logo at the top of 30 Rock in Rockefeller Center as seen from the Empire State Building on May 8, 2023 in New York City.
Gary Hirschhorn | Corbis News | Getty Images
Comcast reported mixed results on Tuesday, with revenue beating expectations but earnings below expectations. The company is facing tough year-over-year performance from its movie studios and theme parks. Revenue was down about 3% year-over-year to $29.69 billion, while its Universal Pictures Studios division saw revenue fall 27% year-over-year. Comcast released “Super Mario Bros.” and “The Fast and the Furious” in 2023, and had its best theatrical quarter ever. Meanwhile, NBCUniversal’s streaming service Peacock continues to thrive, with paid subscriber numbers up 38% year-over-year and TV revenue up 2% year-over-year to $6.32 billion. (Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.)
—CNBC’s Samantha Sabin, Michael Weiland, Brian Schwartz, Josephine Rozelle, Dan Mangan, Rebecca Picciotto, Ruxandra Iordace, Isabel Engel, Rohan Goswami, Jennifer Elias, Jordan Novett and Lillian Rizzo contributed to this report.
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