- President Joe Biden has officially withdrawn from the 2024 presidential race.
- Vice President Kamala Harris is endorsed by Biden as his replacement.
- Biden cited the best interest of the party and country as reasons for his withdrawal.
Stock Market Reactions
The stock market responded with noticeable volatility to President Biden’s announcement. Major tech stocks experienced mixed movements; Tesla saw a 3% increase as investors speculated on potential favorable policy changes under a new administration. Conversely, Nvidia faced a 2% decline, reflecting broader market uncertainties. Additionally, healthcare stocks, including Johnson & Johnson, showed slight gains, indicating investor anticipation of possible shifts in healthcare policies. Financial markets generally exhibited cautious optimism, with traders reassessing their strategies in light of the evolving political landscape.
Potential Catalysts
Biden’s withdrawal introduces several potential catalysts that could further influence market dynamics. The selection of Kamala Harris as the presumptive Democratic nominee might prompt shifts in policy expectations, particularly regarding technology and healthcare sectors. Harris’s positions on various issues, including climate change and healthcare reform, could lead to sector-specific adjustments. Additionally, the response of other potential Democratic candidates, such as Gavin Newsom and Gretchen Whitmer, and their impact on the party’s platform, could create further market fluctuations. Investors will also closely watch upcoming debates and policy announcements for indications of future regulatory changes and economic strategies.
A New Beginning for the Democrats
President Joe Biden announced Sunday that he will end his presidential re-election campaign, bringing an abrupt and humbling conclusion to his half-century-long political career and scrambling the race for the White House less than four months before Election Day.
Biden, 81, could not reverse growing sentiment within his party that he was too frail to serve and destined to lose to Donald Trump in November. He backed Vice President Kamala Harris to replace him as the Democratic nominee.
“While it has been my intention to seek reelection, 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,” Biden wrote in a letter posted on X. “I will speak to the Nation later this week in more detail about my decision.”
Biden thanked Harris for “being an extraordinary partner” in his letter and then endorsed her in a subsequent post.
“My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President,” Biden posted. “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.”
Biden and Harris spoke multiple times Sunday ahead of the president’s announcement, according to a source familiar with the campaign.
In a statement, Harris thanked Biden for “his extraordinary leadership” and his “remarkable legacy of achievement.”
“I am honored to have the President’s endorsement and my intention is to earn and win this nomination,” Harris said. “I will do everything in my power to unite the Democratic Party — and unite our nation — to defeat Donald Trump and his extreme Project 2025 agenda,” she said.
His withdrawal caps a singular national political career, bookended by Richard Nixon’s fall and Trump’s rise. He mounted four presidential bids. He spent 36 years in the U.S. Senate representing tiny Delaware. He rose to the chairmanships of the powerful Judiciary and Foreign Relations committees. And he served eight years as Barack Obama’s vice president.
Marc has been involved in the Stock Market Media Industry for the last +5 years. After obtaining a college degree in engineering in France, he moved to Canada, where he created Money,eh?, a personal finance website.
