Biden Points to a New Generation
President Joe Biden addressed the nation on Wednesday, marking his first public appearance since announcing he will not seek reelection. Biden emphasized his decision was driven by the need to unite his party and pass the torch to a new generation, amid concerns over his age and health. At 81, Biden is the oldest president in U.S. history and the first incumbent to forgo reelection since Lyndon Johnson in 1968.
“In recent weeks, it’s become clear to me that I need to unite my party,” Biden said. “I’ve decided the best way forward is to pass the torch to a new generation. That’s the best way to unite our nation.”
With Biden stepping aside, Vice President Kamala Harris is poised to be formally nominated as the Democratic Party’s candidate, potentially as early as next week, ahead of the party’s convention in Chicago from August 19-22. Recent polls show a tight race, with a Reuters/Ipsos poll giving Harris a slight lead over Republican candidate Donald Trump, 44% to 42%. Conversely, a CNN poll by SSRS indicated Trump leading Harris, 49% to 46%, both within their margins of error.
Futures Steady Ahead of Growth Data
U.S. stock futures traded mixed Thursday following Wednesday’s sharp tech-driven selloff spurred by disappointing earnings from Alphabet and Tesla. The Dow Jones Industrial Average dropped over 500 points, or 1.3%, the S&P 500 fell 2.3%, and the Nasdaq Composite plummeted 3.6%, marking its worst session since 2022.
Thursday’s earnings lineup includes American Airlines, Honeywell, and Hasbro. Preliminary second-quarter GDP data, expected to show annualized growth of 2.0%, will also be closely watched.
Ford Slumps After Profit Miss
Ford stock tumbled over 11% in premarket trading following a significant second-quarter profit miss. Adjusted earnings came in at 47 cents per share, well below analysts’ expectations of 68 cents. CEO Jim Farley highlighted the automaker’s ongoing struggles with quality issues and the financial burden of its EV business, noting, “The EV journey has been humbling… but it will pay off in the long run.”
European Earnings Roll In
Key European companies released quarterly earnings Thursday, with mixed results. Kering reported an 11% year-on-year sales drop, while AstraZeneca exceeded expectations and raised its 2024 forecast. Sanofi reported strong demand for its asthma drug Dupixent, whereas Nestle lowered its sales growth outlook. Unilever and TotalEnergies also reported weaker-than-expected results.
Crude Falls Amid Demand Concerns
Crude prices retreated Thursday, with U.S. crude futures (WTI) down 0.5% to $77.19 a barrel and Brent falling 0.5% to $81.30 a barrel. Despite a recent inventory draw reported by the Energy Information Administration, concerns over waning demand, especially from China, and potential future oil market surplus kept traders cautious.
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