The last time a U.S. president announced his withdrawal from the reelection campaign was in 1968, when the Vietnam War caused then-President Lyndon Johnson to withdraw from the race, and U.S. stock market investors welcomed this.

​The S&P 500 rose 2.5% the next day. Looking at the performance of the whole year of 1968, Johnson's withdrawal was at the low point of the U.S. stock market that year, and by the end of the year, the S&P index had risen 15.1%.

​Now that the U.S. stock market is at a high level, Biden has improved economic development after all, and the stock market may face a further sharp correction.

​Affected by rumors about whether Biden will withdraw from the election, both the U.S. stock and bond markets have encountered selling pressure.

​The Dow Jones Industrial Average fell more than 500 points, ending the index's six-day winning streak.

​In the bond market, the "Trump trade" also overwhelmed the "rate cut trade" overnight, helping U.S. bond yields rise again. Affected by various news surrounding Biden's "withdrawal rumors", the U.S. financial market has been turbulent overnight, and the panic of selling has spread to almost all assets.