The US futures market showed a slight increase on Sunday following President Joe Biden's announcement that he would not be running as the Democratic nominee in the 2024 presidential election. Futures tied to the S&P 500 rose by 0.2%, while Dow Jones Industrial Average and Nasdaq futures saw gains of 0.1% and 0.3%, respectively.
President Biden's endorsement of Vice President Kamala Harris has been seen as a move that could reduce market uncertainty, according to some analysts. Jay Hatfield, CEO at Infrastructure Capital Advisors, noted that the stock market reaction to Biden's decision is expected to be muted, as it was widely anticipated.
This development comes at a time when investors are closely monitoring political events for potential impacts on the financial markets. The endorsement of Vice President Harris could provide some clarity and stability for investors as they navigate the evolving political landscape.
Overall, the market reaction to President Biden's announcement reflects a sense of cautious optimism, with futures showing modest gains. As the situation continues to unfold, market participants will be keeping a close eye on any further developments that could influence investment decisions in the coming months.
