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Stock market news today: Nasdaq leads US futures higher after Biden backs out

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Joe Biden News

US Stock Futures,Kamala Harris,Nasdaq

Investors are surveying a changed political landscape after Biden called off his re-election bid, assessing what it could mean for the Trump trade.

US stock futures rose on Monday as investors assessed the potential fallout from President Joe Biden's exit from the presidential race. Gains of roughly 0.5% for S&P 500 futures and 0.8% for contracts on the tech-heavy Nasdaq 100 pointed to recovery for the indexes, which ended Friday with their worst weekly losses since April. Dow Jones Industrial Average futures moved up 0.1% in the wake of the index's own sharp fall.

Biden's move, while not unexpected after weeks of pressure, is seen on Wall Street as eroding the odds of Republican contender Donald Trump securing a return to the White House. That could prompt a light unwinding of recent "Trump trade" bets on assets seen as benefiting from a second Trump presidency, such as bitcoin, bank stocks, and higher US bond yields. The yield on the benchmark 10-year Treasury slipped in Monday's early hours.

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