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Markets are in flux as President Biden exits the 2024 race, casting shadows over the political landscape and injecting a dose of uncertainty. Bitcoin bucks the trend, holding steady amidst a tech-led stock market selloff.

Gold surges, proving once again it's the go-to safe haven in times of turmoil. Meanwhile, Microsoft races to resolve a global IT outage, and savvy investors eye Roku as a potential buy amid streaming industry shifts.

Grab your iced latte and let's get into it! ☕️👇️

Markets

📊 Investors react to President Joe Biden pulling out of the 2024 presidential race
U.S. President Joe Biden ended his reelection campaign Sunday as Democrats questioned his mental acuity and ability to defeat Donald Trump, leaving the presidential race in uncharted territory and potentially causing market uncertainty.

📈 Bitcoin Steady at Six-Week High as Tech-Led Selloff Rocks Stock Market
Despite a massive stock market selloff, Bitcoin held strong around $68,000 as trading began Monday. Meanwhile, anticipation is growing for the first spot Ethereum ETFs, set to launch Tuesday, with analysts predicting potential inflows of over $5 billion.

🥇 Gold Price Forecast: XAU/USD jumps above $2,400 amid a risk-averse environment
Gold prices are steady near $2,410 in Monday's early Asian session, buoyed by high uncertainty surrounding the US Presidential election. This uncertainty typically boosts gold, a popular safe-haven asset.

💻 Microsoft Says Resolution to Major IT Outage is Forthcoming
Microsoft announced that a resolution is on the way for the massive tech outage affecting industries globally. The company identified two separate issues: one with Azure cloud services, nearing full resolution, and another linked to Crowdstrike affecting Windows devices.

💰 1 Growth Stock Down 87% to Buy Right Now
Roku (ROKU), a key intermediary between consumers and streaming services, isn't vulnerable to the industry's stagnating growth. It’s well-positioned to benefit from the decline of cable TV and the rise of free, ad-supported streaming channels.

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BUSINESS

What’s Moving Markets This Week?

Biden Bows Out

In a surprising yet inevitable turn of events, President Joe Biden has dropped out of the race for re-election. Concerns about his age and health have taken center stage, leading to his withdrawal. Biden has thrown his support behind Vice President Kamala Harris, putting her in the spotlight as the likely Democratic nominee.

• Historical Significance: If Harris secures the nomination and wins, she will be the first female and only the second Black President of the United States, following Barack Obama.

• Market Reaction: Despite this political shake-up, Goldman Sachs notes that the Democrats' fiscal and trade policy agenda is unlikely to shift significantly if Harris becomes the nominee.

• Election Dynamics: With Biden out, analysts are watching closely to see if this change boosts former President Donald Trump's chances for a comeback in November.

Tech Earnings and Stock Futures

After a tough week, U.S. stock futures showed signs of recovery on Monday. Investors rotated out of major tech stocks, leading to substantial losses for some indices.

• S&P 500 and Nasdaq: The S&P 500 futures climbed by 0.23%, and Nasdaq 100 futures rose by 0.42%, following last week's significant downturns.

• Earnings Focus: Key tech giants like Tesla (NASDAQ) and Alphabet (NASDAQ) are set to report earnings this week, alongside other major companies like IBM, Ford, General Motors, and Verizon.

• Political Influence: The evolving political situation, especially Biden's withdrawal, continues to be a focal point for investors.

Nvidia's Strategic Moves in AI and China's Economic Struggles

Nvidia (NASDAQ) is making strategic moves to maintain its foothold in the Chinese market amidst U.S. export restrictions. The company is developing a new AI chip, the "B20", tailored for China in collaboration with Inspur.

• AI Chip Development: The "B20" is part of Nvidia's Blackwell chip series, expected to be mass-produced later this year. This chip is designed to comply with U.S. export controls while meeting the specific needs of the Chinese market.

• Economic Context: This development comes as China's economy shows signs of struggle. The People’s Bank of China cut its benchmark loan prime rates to historic lows in an effort to stimulate growth.

• Market Sentiment: There is growing speculation about Donald Trump's potential second term and its implications for U.S.-China relations. A second Trump term could renew trade tensions, adding more uncertainty to China's economic outlook.

Stay tuned as we continue to monitor these dynamic market and political landscapes. The next few weeks promise to be pivotal for investors and policymakers alike.

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