Washington, DC – President Joe Biden has announced his decision to withdraw from the 2024 presidential race, putting an end to his re-election bid and throwing his support behind Vice President Kamala Harris. This unexpected move comes in the wake of mounting pressure from within his party, with Biden stating that stepping down is in the best interest of both the Democratic Party and the nation. Harris is now poised to take on the role of the party’s nominee as the election season heats up.
Following Biden’s surprising announcement, the markets experienced some fluctuations last week, with the S&P 500 and Nasdaq Composite facing significant losses. While the tech-heavy Nasdaq saw its six-week winning streak come to an end, the Dow Jones Industrial Average managed to make modest gains. Investors are closely watching earnings reports, central bank policies, and the evolving political landscape for potential impacts on the market.
Big Tech earnings are in the spotlight this week, with companies like Google-parent Alphabet and Tesla set to release their financial results. Over 100 other S&P 500 companies are also scheduled to report, including General Motors and Ford. With a focus on key earnings releases, investors are eagerly anticipating the outcomes and potential market reactions.
Meanwhile, in the airline industry, Delta Air Lines is facing challenges following a recent global IT outage that resulted in flight disruptions. The airline has been working tirelessly to resolve the issues and minimize the impact on travelers. Additionally, American Airlines also experienced disruptions linked to a tech update gone wrong, causing delays and cancellations. Both companies are working to recover and regain normal operations as quickly as possible.
The stock market is poised for potential changes in response to recent developments, with analysts closely monitoring the ongoing developments. As Biden exits the presidential race and the tech sector prepares for earnings releases, market volatility can be expected. It remains to be seen how these events will impact investor sentiment and market performance in the coming days.