Joe Biden withdraws from the presidential race, endorsing Kamala Harris, leading to market volatility.

From Yahoo Finance: 2024-07-21 18:26:06

President Joe Biden has withdrawn from the presidential race under pressure from the Democratic party, endorsing Vice President Kamala Harris as the new nominee. This move could lead to increased market volatility, with experts predicting a sharp decline in stock prices and uncertainty among investors. Biden’s withdrawal may be beneficial for U.S. equities, as Harris could potentially support a fiscal policy backdrop featuring tax cuts and government spending. Gold and silver prices could rise due to investor uncertainty, while bonds may see fluctuations based on perceptions of the new Democratic candidate. In the crypto market, a Trump victory is expected to be more positive for the ecosystem, potentially leading to a rally in the markets.



Read more at Yahoo Finance: 5 Possible Impacts This Could Have on the Stock Market