US electoral politics are once again setting up to be a major driving force behind market movements this week as presidential candidate Joe Biden drops out of the race. Only Asian markets have had a chance to react to the news and so far, the response has been a subdued one. Very little worth mentioning on the economic calendar today and tomorrow, all the more reason to keep an eye on the subsequent democratic nominee. Several figures have stepped forward to endorse VP Harris although no official selection has yet been made.
Drama last Friday as a software update from cybersecurity firm Crowdstrike caused a worldwide IT outage on Windows machines. The infamous blue screen of death affected everything from banks to airlines and everything in between, leaving many businesses with no other option than to shut down for the day. Crowdstrike Holdings (CRWD) fell 11% on Friday, as did all major US indices. The Dow Jones led the way, losing 0.93% by the closing bell. The Nasdaq Composite and S&P 500 were not far behind, falling 0.81% and 0.71% respectively. Microsoft (MSFT) fared relatively well in the grand scheme of things, only losing 0.74%.
After setting a new record breaking close last Tuesday, Gold has since undergone a significant correction. The precious metal fell 1.8% on Friday alone, closing the week at $2,400 an ounce. Gold rose around $10 in early trading this morning in Asia, but likely awaits the European and American opens before committing to a more defined trajectory.
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