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

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Joe Biden News

Nasdaq Composite,Kamala Harris,Democratic Nominee

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 stocks rose on Monday as investors assessed the potential fallout from President Joe Biden's exit from the presidential race. The S&P 500 gained roughly 0.7% while the tech-heavy Nasdaq Composite rose more than 1%, both coming off their worst weekly losses since April. The Dow Jones Industrial Average 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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