Global markets rise after Biden exit
CNN
Global markets made solid gains after President Joe Biden dropped out of the 2024 presidential election Sunday and endorsed Vice President Kamala Harris as the Democratic nominee.
Global markets made solid gains after President Joe Biden dropped out of the 2024 presidential election Sunday and endorsed Vice President Kamala Harris as the Democratic nominee. European stocks saw an uptick and premarket trading in the US was higher following Biden’s announcement. Dow futures rose 40 points, or 0.1%. S&P 500 futures were up 0.5% and Nasdaq future were 0.8% higher. European markets were higher, and Asian markets closed mostly lower. US Treasuries rose slightly early Monday, trimming yields, and the dollar was softer against major currencies. Significant doubt about Biden’s ability to beat former President Donald Trump led Wall Street to begin to price in a Trump victory in November. That became apparent with so-called Trump trades, in which investors bought up stocks they believed Trump’s tariff-heavy agenda could benefit — and they likewise sold off stocks related to green energy and other industries traders believed Trump’s policies could hurt. Meanwhile, a large number of economists have predicted Trump’s policies would make America’s inflation problem worse, and he would balloon the US deficit. As Trump’s fortunes appeared to advance in recent weeks, US Treasury prices fell and yields rose, which they often do in anticipation of higher inflation. With the Democratic party now apparently coalescing around Vice President Kamala Harris as its likely nominee, some of those Trump trades could begin to unwind — or at least go on hiatus until new polling begins to show whether or not Harris appears to stand a better chance against Trump than Biden did.
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