Bitcoin now higher after Biden announcement dip; stock futures eyed

Stock index futures will be in focus when they start trading Sunday evening in the wake of President Joe Biden announcing he will no longer run for reelection.

S&P (SPX), Dow (INDU) and Nasdaq 100 (NDX:IND) futures start trading at 6 p.m. ET on the CME.

Bitcoin (BTC-USD) +1%, which trades 24 hours, sank ahead of the official announcement by Biden and that drop accelerated. But it recovered those losses and moved into the green.

“Views are likely to differ on how the news of President Biden dropping out of the presidential race will impact US stock futures when they start trading later this afternoon (and beyond),” Mohamed El-Erian, advisor at Allianz, tweeted. “I suspect that (some) will interpret this as implying greater uncertainty on what can be said about policies after the November elections (though they differ on why).”

“Some will see markets as having already priced in the news given the extent to which pressure had been building in the last couple of weeks; and yet others will view this as constituting a short-term distraction for markets at best,” he said.

“All this is to say that there is genuine uncertainty on how markets will – AND should – react to the news.”

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