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US stock indices close higher on Monday after Biden backs out of presidential race

US stock indices close in the green on Monday as Wall Street digests Biden backing out

U.S. stocks closed higher on Monday as Wall Street processed incumbent President Joe Biden's withdrawal from the 2024 presidential race and anticipated earnings reports from major tech companies like Tesla and Google-parent Alphabet.

Tech stocks led the gains after a significant pullback in megacap tech companies last week, which resulted in the S&P 500 recording its worst weekly performance since April.

  • The Dow Jones Industrial Average (DJIA) rose by 127.91 points, or 0.3%, to end at 40,415.44.
  • The S&P 500 increased by 59.41 points, or 1.1%, to finish at 5,564.41, breaking a three-day losing streak.
  • The Nasdaq Composite also advanced by 59.41 points, or 1.1%, to close at 18,007.57, similarly snapping a three-day losing streak.
  • The Russell 2000 added 35.30 points, or 1.7%, to end at 2,220.65.

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Wells Fargo says current market fluctuations driven by political headlines

Wells Fargo Investment Institute strategists advised investors to differentiate between market reactions to political headlines and fundamental changes that drive long-term stock rotations. A team of Wells Fargo strategists led by Paul Christopher, head of global investment strategy, wrote in a Monday note:

“In the first three weeks of July, capital markets have moved sharply alongside dramatic and surprising announcements from the two major U.S. political parties, and in parallel with important economic data”.

While the so-called Trump trade gained attention last week, views on the economy and interest rates seem "a more reliable" catalyst for the markets, the strategists noted. They mentioned that Trump’s policies could extend business tax cuts and reduce regulation but cautioned that current analyses are based on headlines and are “incomplete”.

Oil futures settle at lowest since mid-June after Biden move

Oil prices remained at their lowest levels since mid-June on Monday, affected by concerns over demand outlook and the potential for increased U.S. production. The recently improved prospects of a Donald Trump victory in the 2024 election are "price-negative for oil as he has said he plans to support production increases to increase energy independence and lower prices," Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.

It is not yet fully clear as to how Joe Biden’s recent decision to step out of the presidential race has affected voters’ preferences. Polling data will remain key to market fluctuations prior to the US election in November.

August West Texas Intermediate crude, which expired at the end of yesterday's session, fell 35 cents, or 0.4%, to settle at $79.78 a barrel on the New York Mercantile Exchange, the lowest since June 14.

The new front-month contract, September WTI crude, declined by 24 cents, or 0.3%, to $78.40. September Brent crude settled at $82.40 a barrel on ICE Futures Europe, down 23 cents, or 0.3%.

Magnificent Seven members Tesla and Alphabet to report earnings on Tuesday

A series of earnings reports are due on Tuesday, with Tesla and Google-parent Alphabet leading the "Magnificent Seven" megacap group of stocks.

The tech sector is expected to increase year-over-year earnings by 17%, while the communication services sector is projected to see a profit rise of about 22%, according to LSEG IBES data cited by Reuters. However, richly valued stocks are also occasionally prone to disappointment.

Tesla and Alphabet will report after Tuesday's close in New York. Other major companies reporting include France's luxury goods group LVMH, which will be closely watched due to declining demand from China impacting the sector.

Gold prices remained around $2,400 after peaking above $2,450 last week. Brent crude futures, which hit a one-month low on Monday, were steady at $82.41 a barrel.

Bitcoin, which had rallied on bets that a Trump administration would take a light-touch approach to cryptocurrency regulation, pulled back by 2% to $64,466.


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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.

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