{"id":284383,"date":"2024-07-23T11:06:00","date_gmt":"2024-07-23T11:06:00","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&#038;p=284383"},"modified":"2024-07-23T11:06:00","modified_gmt":"2024-07-23T11:06:00","slug":"how-financial-markets-reacted-to-joe-bidens-exit-from-presidential-race","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/how-financial-markets-reacted-to-joe-bidens-exit-from-presidential-race","title":{"rendered":"How Financial Markets Reacted to Joe Biden\u2019s Exit from Presidential Race"},"content":{"rendered":"<p><b>Biden\u2019s decision to withdraw from the 2024 race sends shockwaves through global markets. Discover how stocks, oil, and crypto are responding.<\/b><\/p>\n<p><span style=\"font-weight: 400\">Recent political developments have made the US presidential elections highly interesting, as Biden has withdrawn from endorsing <\/span><a href=\"https:\/\/www.techopedia.com\/news\/how-kamala-harris-could-shape-the-future-of-tech-regulation-ai-and-crypto\"><span style=\"font-weight: 400\">Kamila Harris<\/span><\/a><span style=\"font-weight: 400\"> as a Democratic Nominee.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Such political events are having a direct impact on stocks worldwide.<\/span> <span style=\"font-weight: 400\">Michael Brown, a senior strategist at Pepperstone, <\/span><a href=\"https:\/\/www.cnbc.com\/2024\/07\/22\/markets-could-unwind-the-trump-trade-after-biden-drops-out-of-presidential-race.html\" target=\"_blank\"><span style=\"font-weight: 400\">expects high volatility<\/span><\/a><span style=\"font-weight: 400\">, with <\/span><a href=\"https:\/\/www.forbes.com\/sites\/roberthart\/2024\/07\/22\/dollar-falls-and-stocks-rise-after-biden-drops-out-of-presidential-race\/\" target=\"_blank\"><span style=\"font-weight: 400\">a possible drop<\/span><\/a><span style=\"font-weight: 400\"> in the dollar\u2019s strength. The president of Quantum Strategy, David Roche, agreed with the upcoming headwinds and added that Harris\u2019 nomination increases the odds of Trump winning the race.\u00a0<\/span><\/p>\n<h2><span id=\"market_indices_reaction\">Market Indices Reaction<\/span><\/h2>\n<p><span style=\"font-weight: 400\">So far, the market reaction has been stable:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bloomberg dollar index dropped only 0.2%.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The yields of 10-year treasuries dropped by two basis points.<\/span><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.techopedia.com\/definition\/nasdaq-stock-exchange\"><span style=\"font-weight: 400\">Nasdaq<\/span><\/a><span style=\"font-weight: 400\"> 100 futures jumped by 0.9%.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Europe Stoxx 600 saw an increase of 1%.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">S&amp;P contracts gained 0.5%<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">MSCI world index rose 0.1%.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">When we look at the European market, we come across some positive moves on July 22:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Germany\u2019s DAX increased 0.8%.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">FTSE in London gained 0.5%.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">CAC in Paris added 0.8%.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">As for Asian stocks, the dynamics are the following:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Japan\u2019s Nikkei was down by 1.2% at 38,599 on July 23.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><span style=\"font-weight: 400\">Hang Seng index in Hong Kong jumped 1.3% to 17,635.\n<p><\/span><\/span><\/p>\n<figure id=\"attachment_284465\" aria-describedby=\"caption-attachment-284465\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-300x169.jpg\" alt=\"Emerging markets reaction | Source: Yahoo Finance\" width=\"1200\" height=\"675\" class=\"wp-image-284465\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-300x169.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2-768x432.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image2.jpg 960w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-284465\" class=\"wp-caption-text\">Emerging markets reaction | Source: Yahoo Finance<\/figcaption><\/figure><\/li>\n<\/ul>\n<h2><span id=\"commodities_market_reaction\">Commodities Market Reaction<\/span><\/h2>\n<p><a href=\"https:\/\/www.techopedia.com\/investing\/oil-price-forecast\"><span style=\"font-weight: 400\">Oil<\/span><\/a><span style=\"font-weight: 400\"> markets also remained relatively calm after the announcement. Despite the recent escalation in the Middle East, prices remain subdued.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the medium to longer run, Trump\u2019s presidency should be bullish for oil, as he has always backed the sector. This is also evident by the fact that <\/span><a href=\"https:\/\/energypost.eu\/biden-vs-trump-will-the-economics-of-oil-sway-the-u-s-presidential-election\/\" target=\"_blank\"><span style=\"font-weight: 400\">around $7.3 million<\/span><\/a><span style=\"font-weight: 400\"> of donations to his campaign came from various players in the industry.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Some analysts also think that this might be beneficial for gold and silver in the long run.<\/span><\/p>\n<figure id=\"attachment_284466\" aria-describedby=\"caption-attachment-284466\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-6-300x161.png\" alt=\"Gold price | Source: Trading Economics\" width=\"1200\" height=\"644\" class=\"wp-image-284466\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-6-300x161.png 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-6-1024x550.png 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-6-768x412.png 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/07\/image1-6.png 1030w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-284466\" class=\"wp-caption-text\">Gold price | Source: Trading Economics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Peter Earle of the American Institute for Economic Research evoked the relationship between high uncertainty and people\u2019s rush to safe havens. This can result in investors and people hedging their bets in gold and silver, which might further increase the price of these metals, which have already touched recent highs.\u00a0<\/span><\/p>\n<h2><span id=\"trump-related_stocks_react_immediately\">Trump-related Stocks React Immediately<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Shares of stocks related to Trump, such as the Trump Media &amp; Technology Group, rose 2.8%, while Phunware jumped 1.4%. However, analysts agree that increased volatility is ahead.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Marc Ostwald, Chief Economist at ADM ISI, said in a comment to Techopedia:<\/span><\/p>\n<p><i><span style=\"font-weight: 400\">\u201cit injects a lot of uncertainty into the electoral equation. Initially, it begs whether the Dems can unite behind Kamala, the donors certainly appear to be. Then there is the point that she may not win. This could impact the Congressional vote. We could see House and Senate divided up, which has big implications regarding what Trump could get passed\u201d.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">Kurt Cagle, Editor at The Cagle Report, told Techopedia:<\/span><\/p>\n<p><i><span style=\"font-weight: 400\">\u201cKamala Harris is likely, for the most part, to continue the policies that Biden put into place in the last four years, and will likely continue with the existing agenda, with a few key changes. Biden effectively tamed inflation in the country at the cost of slowing the economy.\u00a0On the other hand, Trump has made it clear that he wants to see tariffs used as a primary tool in international economic warfare, with a definite protectionist mindset &#8211; all of these political dynamics will have serious effects on US stocks.\u201d<\/span><\/i><\/p>\n<h2><span id=\"crypto_reaction_to_bidens_withdrawal\">Crypto Reaction to Biden\u2019s Withdrawal<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The impact on Crypto markets also felt the reverberations of this significant development as <\/span><a href=\"https:\/\/www.techopedia.com\/cryptocurrency\/bitcoin-price-prediction\"><span style=\"font-weight: 400\">Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> briefly surged past $68,000 with the broader market registering a 1.25% increase.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Around $67 million of long positions in the crypto market were liquidated within 30 minutes of Biden\u2019s announcement to withdraw from the results, as Bitcoin fell to $65,880 only to recover to a 24-hour high.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Just in:<\/p>\n<p>\ud83d\udea8 Joe Biden\u2019s withdrawal from the 2024 presidential race led to a massive <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#crypto<\/a> dip! \ud83d\udcc9 <\/p>\n<p>In just 30 minutes, nearly $67M in leveraged long positions were liquidated due to a 2.3% drop in <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#Bitcoin<\/a>\u2019s price. <\/p>\n<p>\ud83d\udd52 Liquidations occurred between 5:30 pm and 6:00 pm UTC on\u2026 <a href=\"https:\/\/t.co\/5Es6m2xWG2\" target=\"_blank\">pic.twitter.com\/5Es6m2xWG2<\/a><\/p>\n<p>&mdash; 24h.bz (@24hbz) <a href=\"https:\/\/twitter.com\/24hbz\/status\/1815635246660067646?ref_src=twsrc%5Etfw\" target=\"_blank\">July 23, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The current week will be very important for markets, and we can expect some swings as investors look out for the Fed\u2019s preferred inflation gauge, PCE index, and a flurry of quarterly earnings for the Magnificent Seven. There are multiple other stocks that investors need to keep an eye on as Trump gathers more support.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biden\u2019s decision to withdraw from the 2024 race sends shockwaves through global markets. Discover how stocks, oil, and crypto are responding. Recent political developments have made the US presidential elections highly interesting, as Biden has withdrawn from endorsing Kamila Harris as a Democratic Nominee. Such political events are having a direct impact on stocks worldwide. [&hellip;]<\/p>\n","protected":false},"author":287102,"featured_media":284475,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"news-category":[2225],"class_list":["post-284383","news","type-news","status-publish","format-standard","has-post-thumbnail","hentry","news-category-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Financial Markets Reacted to Joe Biden\u2019s Exit from Presidential Race - Techopedia<\/title>\n<meta name=\"description\" content=\"Biden\u2019s decision to withdraw from the 2024 race sends shockwaves through global markets. 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