On what should have been a quiet summer weekend, Americans got news that some found shocking… while others believed had been a long time coming.
I’m talking about President Joe Biden’s announcement that he’s dropping out of the 2024 presidential race. The news didn’t have a major impact on stocks Monday morning. But on today’s video update, I’ll discuss what it means for the market over the next three months.
Now, the Democratic party must get behind a new candidate. It appears as though Vice President Kamala Harris may be the obvious choice. But nothing is certain, so I expect stocks to experience more volatility in the weeks heading into the November election.
Speaking of volatility, the CBOE Volatility Index (VIX) has risen to its highest level since April. This suggests that fear and uncertainty is increasing in the market. And it’s worth noting that the move began before Biden’s announcement.
It’s time to brace ourselves for what’s ahead. But that doesn’t mean you should stop investing in great companies for the long term.
Opportunities still abound.
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