News: Talks of President Biden potentially withdrawing from the 2024 election causing market volatility.

From Nasdaq

July 20, 2024 07:01:21 AM:

Talks of President Biden potentially withdrawing from the presidential race have escalated, with 20 House Democrats and 2 Senate Democrats publicly calling for him to step down. A recent survey found that 7 in 10 adults, including 65% of Democrats, believe he should withdraw. This move could have significant impacts on the economy, leading to increased market volatility and uncertainty if Biden were to exit the race. Key party leaders have reportedly had discussions with the president regarding his potential withdrawal. Experts believe that Biden’s exit could lead to increased volatility in the markets, with a decline in stock prices as investors hedge against potential risks. The impact on specific sectors like U.S. equities is mixed, with some experts suggesting that Biden’s withdrawal could be beneficial for stocks in the short to intermediate term due to potential policy changes under a new Democratic candidate. However, others argue that a Trump presidency would be more favorable for U.S. equities due to pro-growth and pro-innovation policies. Furthermore, the impact on other assets like gold and silver could be positive, as investors may seek safe havens amidst uncertainty surrounding the new Democratic candidate. Similarly, bond yields and prices could fluctuate based on market reactions to a potential Biden withdrawal and the perceived strength of his replacement against President Trump. With regards to the crypto market, a Biden dropout could lead to a rally as a Trump presidency is seen as more supportive of the crypto ecosystem. Overall, the financial markets are closely watching the developments surrounding President Biden’s potential withdrawal from the 2024 election.

Read more at Nasdaq: 5 Impacts on the Stock Market if Biden Withdraws From the 2024 Election