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Biden's Exit Boosts Futures and Tech Stocks
2024-07-22 14:59:08
Stocks
Markets
Politics

Biden's Exit Boosts Futures and Tech Stocks

Following Biden's withdrawal from the presidential race, U.S. stock futures surge, benefiting Trump and Harris. Megacap tech and Trump-affiliated companies rally.

Investors shift focus to economic indicators, Nvidia's China market, Bank of America's sale, and earnings updates from major tech firms. A rise in the dollar against the yen and euro occurs due to Biden's exit and support for Harris.

However, analysts caution against overinterpreting this shift, citing its dependence on Trump's election odds. Speculations on potential stock surges post-Trump's victory highlight Nucor, Halliburton, and UnitedHealth Group, alongside top picks from Motley Fool Stock Advisor, including Nvidia's remarkable returns.

Related news on that topic:

Market Volatility Risks Rise with Biden Exiting Presidential Race

Investors are hedging against election uncertainties with Biden's exit and potential Harris nomination. The Cboe Volatility Index spiked but has since eased. Market focus shifts to Fed rate cut prospects and earnings impact from major tech companies. Trump's policies, if continued, could favor specific sectors like energy and healthcare. Analysts caution on potential market reactions to a Trump victory and warn of price stalling in the crypto market. Historical parallels to past elections add complexity to predicting market outcomes.

Investors Don't Seem to Care Who Wins the White House

Investors in the crypto market remain largely unaffected by Biden's non-re-election announcement, as Bitcoin and Ether experienced only brief dips before recovering. Betting odds indicate no change in Trump's chances of winning, while Harris' odds increased. However, the Biden-themed meme coin Jeo Boden plummeted 99% from its April peak. On Wall Street, investors expect the election to have little impact on equity markets, with the focus being on Federal Reserve policy. Despite this, strategists warn of potential volatility as indicated by the spike in the VIX. Meanwhile, the crypto market is experiencing a frenzy of memecoins as the US election draws near. Tokens related to Biden have seen a decline in prices, while those inspired by Kamala Harris have surged. Trump-themed memecoins have also seen price hikes following Biden's resignation and an attempted assassination. Overall, the market is anticipating the election outcome but seems largely unconcerned about who wins the White House.

Read 23 more recent news on this topic

The press radar on this topic:

VnExpress English
22. Juli 2024 um 05:04

Dollar rises against dong

Finance
Politics
Economy
The U.S. dollar slipped against the yen and euro early in the Asian day. Biden's exit and endorsement of Kamala Harris for the November election caused the initial reaction, but Capurso warned it's too early to read too much into the dollar's movement, as it depends on the odds of a Trump win.
Tagesschau - Wirtschaft und Börsen-Nachrichten
22. Juli 2024 um 20:41

Moderate Gains Ahead DAX Expected Higher After Biden Withdrawal

Politics
Finance
After Biden's withdrawal as a presidential candidate, investors expect gains in the DAX. The Trump trade will likely stabilize for the time being. Varta plans a restructuring process, which means losses for shareholders.
Yahoo Finance
22. Juli 2024 um 08:50

Futures rise after Biden pulls out of presidential race

Finance
Politics
Economy
U.S. stock futures rise as Biden exits race, boosting Trump and Harris. Megacap tech, Trump-linked firms gain. Investors focus on economic data, Nvidia's China chips, Bank of America sale, and upcoming earnings from Magnificent Seven tech giants.
Yahoo Finance
22. Juli 2024 um 09:50

Prediction: These 3 Stocks Will Soar if Trump Wins in November

Finance
Politics
Economy
Environment
Nucor, Halliburton, and UnitedHealth Group, trading at attractive valuations, could see significant gains under a second Trump administration, but investors should also consider the 10 best stocks identified by Motley Fool Stock Advisor, which has outperformed the S&P 500 since 2002, including Nvidia's 722,626% return since its 2005 recommendation.
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