President Biden Announces Withdrawal from 2024 Election, Supports VP Harris

On Sunday, July 21, President Biden announced in a social media post that he will not seek re-election in 2024, throwing his full support behind Vice President Kamala Harris for the Democratic presidential nomination.

In his message, Biden stated that while he initially intended to run for re-election, he believes it is in the best interest of the Democratic Party and the country to step aside and focus on completing his current term.

Previously, analysts had predicted Biden's withdrawal as early as the weekend, citing mounting pressure from senior Democratic leaders who have urged him to step down. The situation was further complicated by Democratic donors threatening to cut off funding for Biden's campaign. Some analysts believe this political uncertainty adds market risk, with potential limits to the "Trump trade." However, reports on Friday suggested Biden had not yet changed his mind about seeking re-election.