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Markets today: U.S. futures rise as traders look beyond Biden exit

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U.S. tech stocks were poised to rebound from their worst week since April as investors looked beyond Joe Biden ending his presidential reelection campaign and mainly focused on earnings.

U.S. President Joe Biden at a news conference during the NATO Summit in Washington, DC, US, on Thursday, July 11, 2024. --

“We are more focused on the cadence of the business cycle than on the outcome of the election,” said Morgan Stanley strategist Michael Wilson. “While markets have been digesting the rising odds of a Trump win, cyclical upside from here will likely be dependent on growth.” “It’s a good reporting season so far, but you have to wonder what are the catalysts for the market to keep on rising further?” said Andrew Pease, global head of investment strategy at Russell Investments Ltd. “A lot of the hope is that we get this rotation away from the Mag Seven to the S&P 493 and the equal-weighted index starts to catch up with the cap-weighted. Asymmetry is still the watchword right now.

 

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