Newscasts - U.S. Morning Call: Harris gathers support after Biden's withdrawal

Magnificent Hotel Investments

22/07/2024 13:03

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Source: 'Reuters - Business videos'

Description: President Joe Biden's decision to bow out of the election race at
the weekend injected a degree of optimism into the global markets. U.S.
futures rose after their worst week since April as traders assess the impact
from a Kamala Harris presidential run.
Short Link: https://refini.tv/3yiz3lf

Video Transcript:

Markets move to price in a potentially tighter election as President Biden
pulls out. Welcome to your US Morning Call. I'm Elena Casas. The US election
race is in uncharted territory after President Joe Biden announced on Sunday
he will not run for re-election. Many high-profile Democrats have backed Vice
President Kamala Harris, including potential rivals such as California
governor Gavin Newsom, but it's not yet clear if she will face a challenge.
Polls thus far have shown her doing little better than Biden against Donald
Trump. But one analyst told Reuters she could be a shot in the arm for
Democrats.

The matchups against former President Trump, she's faring only kind of
marginally better than President Biden.

Well, online betting site predicted lowered Trump's odds-on victory from over
70% to 60% and raised Harris to 40%. And stock futures edged up on the news.
Some evidence of unwinding the so-called Trump trade was seen in bond markets.
Treasury yields fell after a sharp rise last week as investors priced in the
prospect of big increases in spending under Trump. Bitcoin also fell over the
weekend after rallying on hopes of less regulation. Investors will also be
paying attention to major earnings set to be released this week. Tesla and
Alphabet will be the first of the Magnificent Seven to report on Tuesday.
After last week saw a significant amount of rotation out of megacaps. Verizon
delivered strong wireless service revenue and broadband subscriber growth in
its second quarter earnings. The biggest wireless carrier in the US said it
remains on track to achieve its full year 2024 guidance. Shares of Chip Maker
NVIDIA gained premarket. Reuters reported that the company is working on a
version of its flagship AI chip for the China market. Beijing accounted for
around 17% of NVIDIA's revenue in the year to end January, and sales continue
to rapidly grow. Turning to aviation news now when Boeing sees a significant
improvement in production flow and its 737 MAX factory. The troubled plane
makers, new commercial planes chief was speaking ahead of this week's
Farnborough Airshow. Meanwhile, Fridays, global tech outage continues to
severely impact airlines. Delta struggle on Sunday to restore normal
operations, stranding thousands of customers across the US. And that's your US
Morning Call