Bitcoin
Bitcoin Now Higher After Biden Announcement Drop; Stock Futures in View (NYSEARCA:SPY)
News by Kevin Dietsch/Getty Images
Stock index futures will be in focus when they begin trading Sunday night after President Joe Biden announced he will doesn’t run anymore for re-election.
S&P (SPX), Dow (INDUSTRY) and Nasdaq 100 futures (NDX:IND) begin trading at 6:00 PM ET on the CME.
Bitcoin (BTC-USD) +1%, which is traded 24 hours a day, sank before Biden’s official announcement and that decline accelerated. But it has recovered those losses and entered the green.
“Opinions are likely to differ on how the news of President Biden’s withdrawal from the presidential race will impact U.S. equity futures when they begin trading later this afternoon (and beyond),” tweeted Mohamed El-Erian, a consultant at Allianz. “I suspect (some) will interpret this as implying greater uncertainty about what can be said on policy after the November election (though they differ on why).”
“Some will see markets as having already priced in the news, given the extent of pressure that has been building in recent weeks; and still others will see this as a short-term distraction for markets at best,” he said.
“All of which means there is genuine uncertainty about how markets will – and should – react to the news.”
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