Biden's Exit Delivers Fresh Shock to Twitchy Markets

What You Need To Know

• It injects a wild card into the presidential campaign that will likely translate into volatility.
• The Trump trade — favoring sectors and strategies seen as benefiting from his push for looser fiscal policy, higher trade tariffs and weaker regulations — is likely to face headwinds.
• The most recent example of a sitting president not seeking a second term was Lyndon Johnson in 1968.