Biden drops presidential bid, endorses Harris; US stock futures rise on tech earnings optimism

From Investing.com: 2024-07-21 20:25:39

President Biden unexpectedly withdrew from the race, endorsing VP Harris against Trump. U.S. stock futures rose, with up 0.3% and up 0.6%. Expectations of interest rate cuts and tech earnings drove the rally.

Biden cites health and electability concerns, backing Harris as his successor. CBS polls show Trump polling better than Biden and edging out Harris. Markets anticipate more protectionist policies under a Trump presidency, leading to a rotation out of tech stocks.

Focus remains on tech earnings this week, with Alphabet and Tesla reporting. Expectations for incorporating AI and effects of slowing sales on Tesla. Earnings from Lockheed Martin, GE, Texas Instruments, and Visa also to be released.



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