Close Menu
    Facebook LinkedIn YouTube Instagram X (Twitter)
    Blue Tech Wave Media
    Facebook LinkedIn YouTube Instagram X (Twitter)
    • Home
    • Leadership Alliance
    • Exclusives
    • Internet Governance
      • Regulation
      • Governance Bodies
      • Emerging Tech
    • IT Infrastructure
      • Networking
      • Cloud
      • Data Centres
    • Company Stories
      • Profiles
      • Startups
      • Tech Titans
      • Partner Content
    • Others
      • Fintech
        • Blockchain
        • Payments
        • Regulation
      • Tech Trends
        • AI
        • AR/VR
        • IoT
      • Video / Podcast
    Blue Tech Wave Media
    Home » Global markets steady as Biden withdraws; MSCI index up 0.75%
    Biden
    Biden
    Fintech

    Global markets steady as Biden withdraws; MSCI index up 0.75%

    By Miurio HuangJuly 23, 2024No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email
    • Global stock markets remained stable on Monday following President Joe Biden’s announcement that he will withdraw from the 2024 presidential race. 
    • Biden’s decision to exit the race had been anticipated by the market, which minimised its impact. 

    OUR TAKE
    Biden’s announcement that he’s stepping down barely moved the markets—they’re as steady as ever. The MSCI index even rose, bouncing back from last week’s sharp drop. On Wall Street, tech and communication stocks led the charge, with Nvidia’s new AI chip sending its stock price soaring. However, despite China’s rate cut, Asian markets didn’t respond positively, and the MSCI Asia-Pacific index fell. Oil and gold prices also continued to slide, showing that the market’s mood is as unpredictable as the weather.
    –Miurio huang, BTW reporter

    What happened

    Global stock markets remained stable on Monday following President Joe Biden’s announcement that he will withdraw from the 2024 presidential race. Biden’s exit came with an endorsement of Vice President Kamala Harris as the Democratic nominee. This news did not significantly impact market behavior; MSCI’s global stock index rose by 0.75% to 816.92. Last week, the index had experienced a decline of 2.1%, its worst performance since April.

    On Wall Street, all major indexes closed higher, driven by gains in technology and communication services sectors. Nvidia saw a notable increase of nearly 5% after announcing the development of a new AI chip for the Chinese market. The Dow Jones Industrial Average rose by 0.32%, the S&P 500 gained 1.08%, and the Nasdaq Composite climbed 1.58%.

    The People’s Bank of China’s unexpected rate cut failed to boost Asian markets, with MSCI’s Asia-Pacific index outside Japan falling by 0.61%. Oil prices fell for the second consecutive session, with Brent crude and U.S. West Texas Intermediate reaching one-month lows. Gold prices also dropped to a more than one-week low.

    Also read: $6M fine for Robocaller who cloned Biden’s voice using AI

    Also read: Treasuries wobble, dollar stiff: Markets mull Trump attack impact

    Why it’s important

    Biden’s decision to exit the race had been anticipated by the market, which minimised its impact. Lou Basenese of MDB Capital noted that the market had already priced in Biden’s withdrawal, leading to a rebound in riskier assets such as small caps and Bitcoin. This shift suggests that investors were more focused on the implications of the political landscape rather than the immediate impact of Biden’s exit.

    The rise in major U.S. indexes reflects renewed investor confidence in technology and communication sectors, which are seen as key drivers of market performance. The anticipated Federal Reserve rate cut, which is expected to be priced in by September, is also supporting market stability.

    In Europe, the STOXX 600’s gain indicates positive sentiment despite broader market challenges. In Asia, the lack of a significant boost from the rate cut highlights ongoing concerns about economic growth and market sentiment. The decline in oil and gold prices further underscores the market’s current state of flux, driven by supply and demand dynamics.

    Joe Biden NVIDIA Wall Street stock
    Miurio Huang

    Miurio Huang is an intern news reporter at Blue Tech Wave media specialised in AI. She graduated from Jiangxi Science and Technology Normal University. Send tips to m.huang@btw.media.

    Related Posts

    Should RIRs be immune from ICANN oversight?

    July 25, 2025

    EU‑Japan AI accord fosters global standard setting

    July 25, 2025

    T-Mobile US leads mobile subscriber gains amid slowing industry growth

    July 25, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    CATEGORIES
    Archives
    • July 2025
    • June 2025
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023

    Blue Tech Wave (BTW.Media) is a future-facing tech media brand delivering sharp insights, trendspotting, and bold storytelling across digital, social, and video. We translate complexity into clarity—so you’re always ahead of the curve.

    BTW
    • About BTW
    • Contact Us
    • Join Our Team
    TERMS
    • Privacy Policy
    • Cookie Policy
    • Terms of Use
    Facebook X (Twitter) Instagram YouTube LinkedIn

    Type above and press Enter to search. Press Esc to cancel.