US stocks ripped higher on Monday with tech leading the gains as investors assessed the political landscape following President Joe Biden's exit from the presidential race. The S&P 500 gained more than 1% while the tech-heavy Nasdaq Composite rose roughly 1.7%, both coming off their worst weekly losses since April. The Dow Jones Industrial Average increased 0.2%.
Still, the political shock could inject more volatility into an already battered stock market, distracting focus from this week's flood of earnings and key inflation release. 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 on Monday.
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