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Question of the Week

Watching President Biden stumble and mix up his thoughts and words during the debate was challenging.

I believe the Democrat party should ask Biden to allow a replacement with time to try and right the ship.

Do you think Biden should leave the race?
Post your answer below.

Morning Commentary

Seasonality vs Jitters

By Charles Payne, CEO & Principal Analyst
7/1/2024 9:23 AM

I'm still trying to figure out what spooked the market, which seemed to get everything it needed to rally on Friday morning, with in-line or weaker than expected economic data. Stocks came out of the gate with gusto, but that quickly faded, and the stall seems to have triggered panic more than anything else. 

Breadth

Fading generals was the story of the session, market breadth was a wash for both the day and week.

Market Breadth

NYSE

NASDAQ

Advancers

1,509

2,019

Decliners

1,309

2,196

New Highs

118

94

New Lows

42

132

Up Volume

1.45 billion

2.23 billion

Down Volume

1.44 billion

2.19 billion

Yields Pop

The ten year yield (TNX) popped and picked up speed to the upside from the June 14th low.

Island of Misfit Stocks

The big winner on Friday were small caps.

On the week, small cap value enjoyed the largest move among factors.

Celebration

Maybe it has something to do with the Fourth of July, although I think it’s more about seasonal equity inflows, either way, the next two weeks are historically the best for the stock market. 

Today’ Session

I hope everyone had a great weekend.  

There will be a lot of data to parse through.

We are bracing for the SCOTUS ruling on President Trump immunity.


Comments
No. There's too much inertia built up in both parties based on the nominees being Trump and Biden, even though neither party has had its convention. The Democrats need a time out to reevaluate and adjust their ideology so it makes sense to the man-on-the-street. Also, the easiest way for the Democrats to rid themselves of Kamala Harris is to lose this election. She will not be bought off by promises of a SCOTUS appointment or anything else while she still enjoys a very remote possibility of being the 1st black woman president. There is no way she would step aside for a different candidate who might possibly be able to beat Trump and keep the Democrats in the White House.

Ric Walter on 7/1/2024 9:42:37 AM
Let the people decide.

R Dieger on 7/1/2024 9:46:03 AM
I think they should stay quiet and let them run Biden. Anyone new coming in would be a wildcard and could generate more support than Biden has right now after his debate performance. With only four months until the election there's not enough time for the people to vet a new candidate, which is what the primaries are for. And since a new candidate would be appointed by the delegates, without any actual representation by the people, it could be anyone.

Steve Abbott on 7/1/2024 9:58:37 AM
When your adversary is on a suicide mission, why would you stop them?

Ron Switzer on 7/1/2024 10:04:41 AM
The emperor has no clothes. Reflecting all the way back to the 2020 election when Mr Biden was kept in the basement it's obvious he was incapable to campaign let alone actually be President. Who has actually been President - Jill Biden, Barack Oboma, a gaggle of 20 years old?

He's been incapable of being President since 2020, i.e. ever. The media is complecent in this sham.

Over the next 4-6 months, if China, Russia, Iran, or North Korea don't take major advantage It'll be
a miracle.

John Werner on 7/1/2024 10:21:50 AM
I think it is too late. Replacing him now would cause chaos especially because it would not be Kamala Harris. The Democrats should have been honest and faced reality a year ago. Our country is heading for ruin, border, crime, economy. I wonder if they can replace the VP?

Cindy Wade on 7/1/2024 10:26:53 AM
I don't think it matters any more at this point. Let them die on their sword.

Scott on 7/1/2024 10:40:22 AM
It doesn't matter, any replacement will have to continue Barack Obama's agenda to Fundamentally Transform America, or they won't be allowed in the race.

Michael Supplee on 7/1/2024 10:55:28 AM
A better question is do you think Trump should leave the race after that blizzard of lies.

Allen Joseph Feser on 7/1/2024 10:59:06 AM
Yes Biden is too old and his energy, concentration and verbal abilities are below the Office of the President. His family's desire to hold on to the office are not a good situation for the country or US citizens.

Doug Johnston on 7/1/2024 11:04:05 AM
If he is that bad when under stress in a debate how is he going to handle a major crisis either domestic or international? His remaining in office even until January 2025 is a threat to our domestic and foreign security. They have lied to the the American people for 3 1/2 years.

Len Commini on 7/1/2024 11:48:32 AM
No! Keep that brain dead zombie in the race so that we can get Trump elected. This is crucial for the economy and America.

Tom hall on 7/1/2024 12:32:30 PM
The Dems were playing with fire endorsing Biden and hiding his frailties in spite of the security issues it posed! Perhaps this was the objective so a mystery politician could make the shots? Now they need to deal with the repercussions of their deceit.

Ann E Hawkins on 7/1/2024 1:00:40 PM
I used to worry that Trump might lose the election and lose House and Senate seats. Now, I think Trump will probably win. If I were a Democrat running for the House or Senate, I would be worried about Biden dragging everybody else down.

David Lee on 7/1/2024 2:24:45 PM
Aye! And republican politicians better start loud mouthing instead of their typical "niceties". The left has no morals, are lead by hasatan and their projection is dangerous! Even two knucklehead commie pinko female "justices" spoke evil projecting what the left might do with this perceived "excess" immunity. Behold what manner of devilry they've already laid down on Trump. Time to throw the right's 'decency' out and play some hard ball asap ... thank you Charles > be Blessed in HIM! Shalom

Kenneth Tristal on 7/1/2024 10:30:34 PM
I see we've a buyer of that jill biden lie yappin' up there. Trump and those of like mind and Adonai's Help can restore this nation ... nothing else can but the left will not give up their commie pinko globalist control so we may have an "emergency" to postpone or stop elections to deal with. They have no morals and look what they've done so far but with obummer, shrillary, jake sullivan, susan rice and that lot willing to kiss the shoes of the ccp running this childish marxist admin all bets are off for demonstrating honour ... Shalom

Kenneth Tristal on 7/1/2024 10:41:51 PM
No! The party wanted to see a second running against Trump. Let the voters decide and hopefully they will have a 'changing of the guard' which is what we need. Surely most (unless the are so closed and do not listen to anything but one sided news) will see the issues he has cognitively. If anyone has an older parent they know when to take of 'critical' matters from them. This would be the time!

PAM on 7/2/2024 10:40:04 AM
Absolutely not......he won the primary and earned the right to run.

jim destino on 7/9/2024 8:48:22 AM
I believe he should be allowed to finish his term but drop out of the race. I am more concerned about the damage heís done and is doing to the country. President Biden is a man who believes in serving our country, but his evolving ideologies have been harmful for the entire country for the most part. Itís your policies stupid, that made this a tight race and your health that will make it a landslide. Let him quit with dignity and thank him for 50 years of public service.

Jim Tyer on 7/10/2024 4:22:20 PM
 

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