US President Joe Biden stands down from reelection, endorses Kamala Harris

Jul 21, 2024 8:36 PM

View all comments（0）



Following a long week of political turmoil, United States (US) President Joe Biden announced on Sunday that he will end his reelection bid and will speak to the nation later this week in more detail about his decision.

Throughout the last couple of weeks, different members of the Democratic party, including senior lawmakers, have called on President Joe Biden to step aside as the party’s nominee. Additionally, former US President Barack Obama said that Biden’s path to victory had greatly diminished and that he should rethink whether he can win, while former House Speaker Nancy Pelosi has told Biden that she is pessimistic about his chances.

President Biden posted a letter in his official X account that stated: “ I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.”

After the letter, Biden posted: “My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it’s time to come together and beat Trump. Let’s do this.”

The odds of Donald Trump’s victory seem to have increased with turmoil in the rival party. Financial markets may welcome the news and seek high-yielding assets at the beginning of the week.

Market reaction

In response to the huge political news on Sunday from the US, the US Dollar Index (DXY) is losing 0.10% on the day to trade near 104.23. Meanwhile, the Gold price is trading near $2,410, adding 0.36%, as of writing.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Cryptos Rebound Strongly as 'Clarity Act' Vote Imminent, XRP Surges Over 5%

As procedural voting on the CLARITY Act gets underway, cryptocurrencies generally rebounded and strengthened, with XRP surging over 5%.

KOSPI Opens Down 1% as Nikkei Bucks Trend to Rise; SoftBank Rebounds 5% as Samsung Electronics and SK Hynix Extend Losses

Japanese and South Korean stock markets diverged, with South Korean stocks opening lower and falling 0.76%, while the Nikkei bucked the trend to turn higher. SoftBank Group surged nearly 5%, whereas Samsung Electronics and SK Hynix came under pressure and moved lower.

Today’s Market Recap: AI Chip Stocks Plunge as Nvidia, Micron, Broadcom Tumble; Gold Drops below $4,300

TradingKey - On September 14, Eastern Time, the three major U.S. stock indices closed lower across the board. AI industry executives collectively called for a slowdown in the development of advanced models, prompting the market to reassess the outlook for AI capital expenditures and chip demand. Mea

US Stocks Drop as Philadelphia Semiconductor Index Falls Nearly 6%; Memory Stocks Lead Losses With Micron Down 5%; Cybersecurity, Cloud Providers Buck Trend

Anthropic CEO Dario Amodei called for a slowdown in the pace of artificial intelligence capability development, sending AI-related stocks lower across the board. Meanwhile, surging US Treasury yields and crude oil prices also weighed on the market. US equities edged lower, with memory and optical communications stocks leading the declines, while software and cybersecurity stocks bucked the trend to gain. At the close, the Dow Jones Industrial Average fell 0.29% to 52,421.20; the Nasdaq Composite Index fell 0.56% to 26,186.41; and the S&P 500 Index fell 0.48% to 7,619.98.

Oracle Stock Price Forecast: Reported New Round of Layoffs, Ellison Cancels Share Sale Plan, Will the Stock Stabilize at $142?

On September 14, Eastern Time, Oracle's (ORCL) stock price slipped further to around $141, hitting a near two-week low. Reports indicate that Oracle has initiated a new round of layoffs, with job cuts in certain teams potentially reaching double digits. The layoffs had been brewing internally, aimed primarily at reducing payroll costs to support the company's expanding investments in AI infrastructure. Prior to this round of layoffs, the company's total headcount was approximately 141,000.

Featured Tools