Biden ends reelection bid and backs Harris. S&P 500 and Nasdaq post biggest weekly loss. CrowdStrike failure.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeas the nominee of the Democratic Party, bowing to pressure from his party members to drop out. Harris said in a statement,"I am honored to have the President's endorsement and my intention is to earn and win this nomination.
Bank of America strategist Sebastian Raedler urged investors to be cautious as markets hit record highs, citing concerning economic indicators. RaedlerMarkets are grappling with a new U.S. electoral landscape following Biden's sudden announcement on Sunday that he would end his reelection campaign against Trump. CNBC's Jim Cramer shares his thoughts on
It is not just politics that has created uncertainty. A worldwide IT outage left organizations and individuals in a tizzy, halting operations and day-to-day work. A faulty" Wedbush Securities' Dan Ives told CNBC."The big issue is the brand damage. CrowdStrike becomes a household name but not in a good way."
The incident also fueled concerns about Big Tech's vulnerability, with FTC Chair Lina Khan highlighting the risks of concentrated market power and"fragile systems.""Concentrating production can concentrate risk, so that a single natural disaster or disruption has cascading effects,". Khan stopped short of announcing a formal investigation, however, she drew connections to past actions scrutinizing cloud computing and frequent acquisitions in the tech sector.
While Ives expects CrowdStrike to be called to Washington for hearings, he believes this could likely lead to acquisitions by Big Tech due to "some of the dangers" from third-party updates."This is something that bodes more positive for M&A between Big Tech and cyber."this Tuesday, offering a crucial test of whether massive investments in AI by industry giants like Google, Microsoft, and Meta are bearing fruit.
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