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US shares open higher as investors assess Biden exit
Nasdaq up 1.09% (Il Sole 24 Ore Radiocor) - New York, 22 Jul - US shares opened higher as investors assessed what President Biden's decision to exit the presidential race might mean for markets.
Biden's sudden announcement that he would not stand for re-election in November and would endorse Vice-President Kamala Harris as Democrat candidate triggered uncertainty, bringing politics firmly back centre stage.
The move, while not unexpected, is expected to spark volatility and refocus attention on campaign pledges from both sides of the political fence as the landscape slowly shifts.
Last week already witnessed a change of sentiment for smaller stocks as investors rotated away from the Big Tech names that have driven indexes to record highs this year on the back of AI frenzy to companies that have fared less well.
On the earnings front today Verizon Communications missed expectations for revenue in the second quarter, sending shares down 6% in early trade. Tesla and Google parent Alphabet are scheduled to report tomorrow.
Meanwhile shares in CrowdStrike, the cybersecurity company behind last week's global tech outage, fell a further 8% after slumping 11% on Friday.
Just after the opening bell the Dow Jones was up 112.38 points, or 0.28%, at 40,399.91, the S&P 500 was up 40.06 points, or 0.73%, at 5,545.06 while the Nasdaq was up 192.99 points, or 1.09%, at 17,919.93.
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(RADIOCOR) 22-07-24 15:41:52 (0421) 5 NNNN