SMI 3Fourteen Full-Cycle Trend ETF (NASDAQ: FCTE)

Latest news for SMI 3Fourteen Full-Cycle Trend ETF (NASDAQ:FCTE)

The Fund is actively managed and typically owns 20 domestic stocks that are normally included in the S&P 500 Index (S&P 500). The stocks are chosen using a Full-Cycle Trend (FCT) strategy developed by an affiliate of the Adviser, 3Fourteen Research, LLC (3Fourteen). The FCT strategy is based on a proprietary model developed by 3Fourteen that selects stocks based on quality stock screens and trend factors such as return on capital and cash flow stability, earnings growth, return on investment, momentum, linear regression and trend analysis 

SMI 3Fourteen Full-Cycle Trend ETF

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iShares Dow Jones US Homenstruction Index Fund

D.R. Horton reported Q3 FY24 results with sales of $10.0B (+2% Y/Y) and EPS of $4.10 (+5% Y/Y). The company also announced a new stock buyback program and a dividend increase.

Builder D.R. Horton Beats On Q3 Earnings, Authorizes $4B Stock Buyback, Tightens FY24 Home Sales Forecast &amp; More

https://www.reuters.com/world/us/all-50-democratic-party-us-state-chairs-back-harris-sources-2024-07-21/#:~:text=WASHINGTON%2C%20July%2021%20(Reuters),sources%20familiar%20with%20the%20matter.

Politics

General

Reuters Reported Earlier, All 50 Democratic Party US State Chairs Back Harris As Presidential Nominee

At a rally in Michigan on Saturday, former President Donald Trump distanced himself from the contentious Project 2025, <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">describing it as &#8220;far-right&#8221; and &#8220;extreme.&#8221;</a>
What Happened: Trump addressed a crowd of supporters at a Michigan MAGA rally, where he was joined by his running mate, Senator JD Vance.
During his <a href="https://www.youtube.com/watch?v=sW3gsa0OXd0">speech</a>, Trump mentioned Project 2025, a supposed &#8220;governing agenda&#8221; devised by a number of right-wing groups, including some former Trump White House officials.
Democrats have claimed that the aim of these documents is to restore executive power to Trump, should he win in future elections. The project&#8217;s objectives are said to include the reclassification of tens of thousands of federal civil service workers as political appointees.
Despite this, Trump&#8217;s campaign has consistently denied any association with the initiative. At the rally, Trump reiterated this position, informing his supporters that he doesn&#8217;t &#8220;know what the hell&#8221; Project 2025 is. He characterized it as a product of the &#8220;severe right&#8221; and labeled some of its proposals as &#8220;seriously extreme,&#8221; as reported <a href="https://www.mediaite.com/trump/dont-know-what-the-hell-it-is-trump-pleads-ignorance-on-severe-right-project-2025-dont-know-anything-about-it/">by</a> Mediaite.
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
&#8220;Some on the right, severe right, came up with this Project 25 and I don't even know. I mean, some of them I know who they are, but they're very very conservative. Just like you have this sort of the opposite of the radical left. Okay? You have the radical left and you have the radical right, and they come up with this,&#8221; Trump said. 
He also said, &#8220;I don't know what the hell it is. It's Project 25. He's involved in Project 25. And then they read some of the things that they are extreme, that seriously extreme. But I don't know anything about it. I don't want to know anything about it.&#8221;
Trump defended himself against accusations of extremism and threats to democracy, declaring, &#8220;I took a bullet for democracy!&#8221;
Why It Matters: The disassociation of Trump from Project 2025 is significant in the current political landscape. The project has been a point of contention among various political factions, with Democrats viewing it as a potential threat to democracy. 
Trump&#8217;s denial of any involvement with the project may be an attempt to distance himself from the more extreme elements of his support base, while also defending his record on democratic values. 
This move could potentially impact his political standing and influence within the Republican party and among his supporters.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one" target="_blank" rel="noreferrer noopener">Following Debate, Latest Poll Among Democrats Signals Major Trouble For Joe Biden — Although There's One Silver Lining</a></li>
</ul>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump Disassociates Himself From 'Extreme' Project 2025 At Michigan Rally: 'I Don't Know What The Hell It Is'

Reuters Reported VP Harris Wins Her First Delegates; Tennessee Pledges 77

Vice President Kamala Harris has emerged as the frontrunner for the Democratic presidential nomination, following President Joe Biden&#8216;s <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">decision to step aside from the race.</a>
What Happened: Biden officially withdrew his candidacy for a second term on Sunday. This move was prompted by weeks of mounting pressure from fellow Democrats, in the wake of a lackluster debate performance against ex-President Donald Trump.
While Biden did not immediately endorse a successor in his withdrawal announcement, he later voiced his support for Harris. Betting market PredictIt now positions Harris as the likely nominee at the convention.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">VP Harris leading ⁦<a href="https://twitter.com/PredictIt?ref_src=twsrc%5Etfw">@PredictIt</a>⁩ but Clinton and Whitmer are on the board. Lots of time … <a href="https://t.co/o6DFhVbEDX">pic.twitter.com/o6DFhVbEDX</a>
&mdash; Brian Sullivan (@SullyCNBC) <a href="https://twitter.com/SullyCNBC/status/1815082765294915855?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Other potential nominees include former Secretary of State Hillary Clinton, California Gov. Gavin Newsom, Michigan Gov. Gretchen Whitmer, and former First Lady Michelle Obama. 
Also Read: <a href="https://www.benzinga.com/news/24/07/39874197/who-could-possibly-succeed-biden-following-his-exit-from-the-presidential-race-here-are-7-names-to-l">Who Could Possibly Succeed Biden Following His Exit From The Presidential Race? Here Are 7 Names To Look Out For.</a>
However, according to PredictIt, Harris is currently leading the race.
Why It Matters: The shift in the Democratic nomination race is significant. Harris&#8217; potential nomination would mark a historic moment, as she could become the first woman to secure a major party&#8217;s presidential nomination. Furthermore, Biden&#8217;s endorsement could potentially sway undecided voters and solidify Harris&#8217;s lead.
However, the race is far from over. With other high-profile Democrats in the running, the coming months will be crucial in determining the final nominee. 
The impact of this nomination on the Democratic party&#8217;s strategy for the upcoming election remains to be seen.
Read Next
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39858552/majority-of-democrats-view-kamala-harris-as-a-strong-presidential-contender-poll" target="_blank" rel="noreferrer noopener">Majority Of Democrats View Kamala Harris As Strong Presidential Contender: Poll</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Betting Markets Favor Kamala Harris As Top Democratic Presidential Contender

About <a href="https://www.benzinga.com/news/earnings/24/07/39769910/goldman-sachs-q2-earnings-revenue-and-eps-beat-investment-banking-fees-up-21-hikes-dividend">14% of the S&amp;P 500 companies have reported their June quarter earnings</a> and the blended earnings growth rate for the companies constituting the broader index remains healthy. The coming week will see the official start of the tech reporting season, which could potentially decide the fate of the market, which has seen a steep pullback in the recent week.
The Week That Was: The tech earnings season had a modest start last week with the earnings report from chip-equipment maker ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>). The stock slumped about 16%, dragged by its weak third-quarter outlook and geopolitical concerns surrounding the China chip ban. Netflix, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) guidance disappointed investors, but with sell-side analysts raving over the results, the stock did not get hammered.
Investors cheered earnings reports from the remaining big banks, namely Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) and Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>). A rebound in investment banking business and strong trading revenue helped the banks shore up their topline.
Of these companies, 80% reported earnings per share above estimates compared to the five-year average of 77%, said FactSet in its latest earnings insight <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_071924.pdf">report.</a> The average upside is about 5.5%, which, however, is below the five-year average of 8.6%.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Earnings Trend: The blended earnings growth rate for the S&amp;P 500 companies for the second quarter is currently estimated at 9.7%, up from 9.1% in the previous week, FactSet noted. If the estimate is hit, the actual growth rate for the quarter will mark the highest year-over-year rate reported since the fourth quarter of 2021, it added. The second quarter will also likely mark the fourth consecutive quarter of growth.
Eight of the qq S&amp;P 500 sectors are expected to report year-over-year earnings growth, with four, namely communication services, healthcare, IT, and financials, likely reporting double-digit earnings growth. On the other hand, three sectors will likely report earnings declines, led by the materials sector.
The Week Ahead: The unfolding week will see earnings reports from 138 S&amp;P 500 companies, including seven Dow 30 components, Factset report said. The earnings slate for the week includes companies from the telecom, auto, steel, chip, homebuilding, defense, airline and tech industries.
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) are among the closely watched copmanies, given their heavy weightings in the S&amp;P 500 and the Nasdaq indices. Tesla is widely expected to report a sharp year-over-year decline in its earnings per share from 91 cents to 62 cents, while revenue may have seen a much more modest 0.80% decline to $24.73 billion. The greater impact on the bottom line comes from the price cuts that Elon Musk&#8216;s company has relied on to push volume in a challenging demand environment.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39810457/as-tesla-stock-bounces-back-fund-manager-says-elon-musk-led-company-offers-good-set">Analysts and fund managers are optimistic</a> after the company reported a deliveries beat for the quarter. They also expect an inflection in the second-half of the year.
Alphabet&#8217;s earnings are important because it is the first among the AI-levered mega-cap companies to release its quarterly results, which might set the tempo for the earnings from the rest in the space. 
The stock market took a hit last week as major indices retreated from their record highs.The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an index that tracks the performance of the Nasdaq 100 Index, ended Friday&#8217;s session down 0.89% to $475.24, according to Benzinga Pro data. The ETF is trading off its record close of $502.96 reached on July 10. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.66% on Friday before closing at $548.99.
Notable among the companies reporting this week are:
Monday
Before market open:
<ul>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)</li>
</ul>
After close:
<ul>
<li>Agilysys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGYS#NASDAQ">AGYS</a>)</li>
<li>Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>)</li>
<li>Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>)</li>
<li>NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>)</li>
</ul>
Tuesday
Before market open:
<ul>
<li>&nbsp;Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>)</li>
<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</li>
<li>GATX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATX#NYSE">GATX</a>)</li>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</li>
<li>General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>)</li>
<li>Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>)</li>
<li>Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)</li>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>)</li>
<li>PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>)</li>
<li>Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>)</li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>)</li>
<li>United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)</li>
</ul>
After close:
<ul>
<li>Alphabet</li>
<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>)</li>
<li>Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>)</li>
<li>Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>)</li>
<li>Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>)</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>)</li>
<li>Tesla</li>
<li>Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</li>
<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)</li>
</ul>
Wednesday
Before market open:
<ul>
<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</li>
<li>Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>)</li>
<li>Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>)</li>
<li>CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>)</li>
<li>General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>)</li>
<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>)</li>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>)</li>
<li>Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>)</li>
</ul>
After close:
<ul>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
<li>Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>)</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)</li>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)</li>
<li>Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>)</li>
<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>)</li>
<li>Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>)</li>
<li>Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>)</li>
<li> ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) ORLY</li>
<li>O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>)</li>
</ul>
Thursday
Before market open:
<ul>
<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>)</li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) </li>
<li>AstraZeneca PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>)</li>
<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)</li>
<li>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>)</li>
<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>)</li>
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>)</li>
<li>Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>)</li>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>)</li>
<li>STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>)</li>
<li>Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>)</li>
<li> Xerox Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>)</li>
</ul>
After close:
<ul>
<li>SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>)</li>
<li>Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>)</li>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>)</li>
<li>Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>)</li>
<li>BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>)</li>
<li>VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>)</li>
</ul>
Friday
Before market open:
<ul>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>)</li>
<li>Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>)</li>
<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>)</li>
<li>Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>)</li>
<li>Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>)</li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>)</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39857569/american-express-q2-earnings-ceo-raises-annual-profit-and-marketing-spend-outlook-after-q2-profit-b">American Express Q2 Earnings: CEO Raises Annual Profit And Marketing Spend Outlook After Q2 Profit Beat</a></li>
</ul>
Photo: Shutterstock

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Tesla, Alphabet, GM, Ford Lead Earnings Parade This Week As Market Struggles To Sustain The Summer Rally

President Joe Biden announced his <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">decision to drop out of the presidential race</a> in a letter posted on his official <a href="https://x.com/JoeBiden/status/1815080881981190320">X account</a> Sunday after growing pressure from colleagues in the Democratic party and <a href="https://www.benzinga.com/government/24/07/39852736/exclusive-biden-victory-fund-suspends-donor-calls-pause-calling-indefinitely-as-of-tonight">big-name fundraisers</a>. The president, who has been secluded while recovering from COVID-19, said he will speak to the nation in more detail later this week, <a href="https://www.cnn.com/2024/07/21/politics/joe-biden-drops-out-election/index.html">reported</a> CNN.
"It has been the greatest honor of my life to serve as your President," Biden wrote in the letter. "And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term."
<h2 class="wp-block-heading">Now What For Cannabis Legalization?</h2>
In mid-May, President Biden directed federal agencies to <a href="https://www.benzinga.com/cannabis">review the classification of marijuana</a>, aiming to reschedule it from a Schedule I to a Schedule III substance under federal law. This move followed numerous public statements, including his <a href="https://www.benzinga.com/markets/cannabis/24/03/37552483/biden-calls-for-cannabis-reform-in-state-of-the-union-a-historic-first-no-one-should-be-jailed-f">State of the Union address</a>, where he emphasized that no one should be in jail for possession of cannabis. 
With this significant step, legalization advocates might be wondering what's next.
"President Biden has taken historic steps toward ending the federal prohibition of cannabis, including starting the process to move it to Schedule III and pardoning thousands of Americans convicted of nonviolent cannabis offenses. We look forward to the current administration finalizing the rescheduling process, and we hope the next nominee will support formally ending federal cannabis prohibition,&#8221; said David Culver, senior vice president of public affairs at the U.S. Cannabis Council.
<h2 class="wp-block-heading">With Biden Out, VP Kamala Harris Would Be The Answer To The Question Of What&#8217;s Next</h2>
It&#8217;s safe to say that VP Harris has done a <a href="https://www.benzinga.com/markets/cannabis/24/03/37760731/vp-kamala-harris-urges-dea-to-reschedule-cannabis-as-quickly-as-possible-calls-prohibition-absur">total turn-around</a> on the topic of cannabis legalization as did her soon-to-be-retired boss. How could they not? After all, legalizing cannabis is among the <a href="https://www.benzinga.com/markets/cannabis/23/11/35674739/marijuana-legalization-support-hits-record-70-as-republicans-join-the-majority-shows-gallup-poll">most popular topics</a> shared by both Democrats and Republicans alike.
Harris has undergone a notable evolution in her stance on<a href="https://www.benzinga.com/general/biotech/24/03/37633391/usda-invests-10m-in-hemp-research-tribal-lands-and-bidens-hemp-biotech-initiative" target="_blank" rel="noreferrer noopener"> cannabis policy</a> since her days as a prosecutor in California enforcing marijuana criminalization to a U.S. Senator sponsoring a bill for its federal legalization. And her journey mirrors the <a href="https://www.benzinga.com/markets/cannabis/24/03/37673856/vp-harris-will-meet-rapper-fat-joe-and-others-pardoned-by-biden-for-cannabis-convictions-to-disc" target="_blank" rel="noreferrer noopener">shifting attitudes</a> toward cannabis in the United States.
On numerous occasions, especially in that past year, Harris has <a href="https://www.politico.com/news/2024/03/15/vice-president-to-hold-cannabis-roundtable-00146564" target="_blank" rel="noreferrer noopener">labeled</a> the current classification of cannabis —equivalent to heroin and considered more dangerous than fentanyl— as &#8220;absurd&#8221; and &#8220;patently unfair.&#8221;
In fact, and not to be trite, Harris learned not long ago on the <a href="https://www.benzinga.com/markets/cannabis/24/06/39212969/kamala-harris-gets-her-own-cannabis-strain-kamala-kush-whether-she-likes-it-or-not-watch-jimmy-k">Jimmy Kimmel show</a> that an Oregon-based company had created a strain after her, called "Kamala Kush." 
Harris used the opportunity to reiterate her&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/04/38349064/biden-and-harris-join-420-celebrations-with-matching-tweets-at-4-20-pm-on-cannabis-holiday" target="_blank" rel="noreferrer noopener">newly-found stance</a>&nbsp;that marijuana users should not face jail time.
&#8220;I think we both agree that people shouldn&#8217;t have to go to jail for smoking weed. And we&#8217;ve pardoned a number of people,&#8221; said the vice president. 
In the same interview, Harris also addressed the mostly debunked &#8220;cannabis as a gateway drug&#8221; theory.
So, is cannabis legalization in good hands if VP Harris ends up sitting at the biggest table in the West Wing? Most likely&#8230;yes.
<h2 class="wp-block-heading">And If Trump Ends Up In The White House?</h2>
That&#8217;s an even bigger question as Trump has remained mum on the topic. 
In April last year, he <a href="https://www.benzinga.com/markets/cannabis/23/04/31828477/trump-insinuates-engineered-weed-and-trans-depression-are-responsible-for-mass-shootings-violenc" target="_blank" rel="noreferrer noopener">told a National Rifle Association meeting</a> that the uptick in <a href="https://www.gunviolencearchive.org/reports/mass-shooting" target="_blank" rel="noreferrer noopener">mass shootings</a> across the country was "not a gun problem" but rather that "genetically engineered" cannabis and the trans community could be at fault and should therefore be investigated.
But as Don Murphy, founder of the American Cannabis Collective who attended last week&#8217;s Republican National Convention <a href="https://www.benzinga.com/markets/cannabis/24/07/39866755/trump-accepts-gop-nomination-as-party-begins-to-embrace-cannabis-legalization-says-republican-co">said</a>,&nbsp;&#8220;I don&#8217;t see Donald Trump sticking his finger in the eye of 80% of Americans.&#8221; 
His stance is still unclear.
Benzinga will be watching the reaction of key cannabis ETFs like the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) closely on Monday trading. 
Photo: Shutterstock

Cannabis

MSOS

Joe Biden Drops Out: What Would Happen With Cannabis Legalization Under Kamala Harris Or Donald Trump?

In a surprising turn of events, President Joe Biden on Sunday decided not to run for a second term, prompting an immediate search for a new Democratic <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">candidate for the next presidential election.</a>
What Happened: Biden&#8217;s decision follows a less-than-stellar debate performance and increasing concerns within the Democratic party about his capacity to serve another term. 
Despite his notable accomplishments like the bipartisan infrastructure bill and the Inflation Reduction Act, demands for Biden to step down have intensified.
The Democratic National Convention in Chicago this coming August will select a new nominee. Biden<a href="https://www.benzinga.com/news/24/07/39874088/biden-backs-harris-for-democratic-nominee-after-bowing-out-of-2024-race-i-want-to-offer-my-full-supp"> has already endorsed Vice President Kamala Harris</a> as his successor. However, the long-term consequences of this development could potentially result in a tumultuous convention.
Also Read: <a href="https://www.benzinga.com/news/24/07/39874154/bidens-exit-from-presidential-race-sparks-massive-reactions-from-first-lady-gavin-newsom-marjorie-ta?utm_campaign=Watchlist&amp;utm_source=Benzinga&amp;utm_medium=Email">Biden&#8217;s Exit From Presidential Race Sparks Massive Reactions From First Lady, Gavin Newsom, Marjorie Taylor Greene And More — Read The Reactions Here</a>
According <a href="https://www.businessinsider.com/biden-reelection-democrats-harris-newsom-whitmer-klobuchar-booker-cooper-moore-2024-2">to</a> Business Insider, other potential successors include Gov. Gavin Newsom of California, Gov. Gretchen Whitmer of Michigan, Sen. Amy Klobuchar of Minnesota, Sen. Cory Booker of New Jersey, Gov. Roy Cooper of North Carolina and Gov. Wes Moore of Maryland. Each potential nominee brings a distinct set of experiences and policy positions, paving the way for a vigorous nomination process.
Why It Matters: The decision by Biden not to seek re-election has significant implications for the Democratic party and the upcoming presidential race. The potential successors each bring their own strengths and policy positions, but also face their own challenges.
The selection process could be a contentious one, with the potential for division within the party. The outcome of this process will shape the Democratic party&#8217;s platform and strategy for the upcoming election, and could have far-reaching implications for the country.
Read Next
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39858552/majority-of-democrats-view-kamala-harris-as-a-strong-presidential-contender-poll" target="_blank" rel="noreferrer noopener">Majority Of Democrats View Kamala Harris As Strong Presidential Contender: Poll</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Who Could Possibly Succeed Biden Following His Exit From The  Presidential Race? Here Are 7 Names To Look Out For.

Former President Donald Trump called upon President Joe Biden to intervene in <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">his ongoing legal cases. </a>
What Happened: On Saturday, Trump criticized Biden&#8217;s use of the Department of Justice (DOJ) in a <a href="https://truthsocial.com/@realDonaldTrump/posts/112818856258162775">post </a>on social media platform Truth Social.
Trump accused Biden of employing the DOJ to &#8220;harass and intimidate&#8221; his political adversaries. This comes a week after the former president survived an assassination attempt.
Trump&#8217;s tirade included allegations against Biden, branding him as the &#8220;worst president in the history of the United States&#8221; and a &#8220;weak and pathetic man.&#8221;
&#8220;We are under attack from Crooked Joe Biden, the WORST PRESIDENT IN THE HISTORY OF THE United States, and a Weak and Pathetic man who uses the &#8216;Justice&#8217; Department to harass and intimidate his Political Opponents because he is in no way capable of winning by himself. He has created a horrible precedent for the future. Democrat appointed Judges and Prosecutors, together with local D.A.'s and Attorney Generals, have played the game with them. Based on the opinion of legal scholars and experts, they had no good case out of the many against me, but of all the cases, their best shot was the documents case, a complete HOAX, in Florida,&#8221; Trump wrote.
He also took a jab at the DOJ&#8217;s raid on his Mar-a-Lago estate, terming it an &#8220;illegal&#8221; act and part of a &#8220;political witch hunt.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
&#8220;They illegally RAIDED MY HOUSE, Mar-a-Lago, in that one. Well, that case was just THROWN OUT IN FULL IN THAT IT WAS UNCONSTITUTIONAL. THE OTHERS ARE ON WEAK GROUNDS, including those where we have Crooked Judges and Prosecutors. It is all a Political Witch Hunt, and Biden should insist that EVERYTHING NOW BE DROPPED. RUN A FAIR AND OPEN CAMPAIGN!!!,&#8221; Trump added in the post. 
Currently, Trump&#8217;s legal team is making efforts to squash the case against him in Georgia. His criminal case in New York led to his conviction on 34 counts of falsifying business records.
The case involving the former president&#8217;s classified documents was dismissed last week by Judge Aileen Cannon, but Justice Department special counsel Jack Smith is appealing the ruling.
Contrary to speculations that Trump would adopt a milder tone for the final leg of the campaign, he continued his criticism of both Biden and Rep. Nancy Pelosi in his convention acceptance speech.
Why It Matters: Trump&#8217;s demand for Biden&#8217;s intervention and his criticism of the DOJ&#8217;s actions highlight the ongoing tension between the two political figures. 
The former president&#8217;s legal troubles, including his conviction in New York and the ongoing case in Georgia, continue to cast a shadow over his political future. His recent comments suggest that he remains defiant, despite these challenges, and is unlikely to change his combative style of communication. 
This development could have significant implications for the political landscape in the United States.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/07/39874123/trump-goes-in-full-attack-mode-after-biden-drops-out-of-race-says-president-is-certainly-not-fit">Trump Goes In Full Attack Mode After Biden Drops Out Of Race, Says President &#8216;Is Certainly Not Fit To Serve — And Never Was&#8217;: &#8216;Only Attained The Position Of President By Lies, Fake News, And Not Leaving His Basement&#8217;</a></li>
</ul>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump Calls Out Biden's Alleged Use Of DOJ To 'Harass And Intimidate Political Opponents' — And Asks For President's Help In Fiery Post: 'We Are Under Attack From Crooked Joe Biden'

President Joe Biden&#8216;s announcement <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">to withdraw from the 2024 presidential race</a> has sparked a myriad of responses from politicians, experts, and celebrities alike.
What Happened: On Sunday, Biden, at the age of 81, made his decision public via a letter posted on social media platform X. The decision follows a less-than-stellar debate performance and growing pressure from fellow Democrats for him to step aside. 
First Lady Jill Biden voiced her support for her husband&#8217;s decision on X, while Biden&#8217;s granddaughter, Naomi Biden, expressed her pride in her grandfather&#8217;s service to the nation.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f495; <a href="https://t.co/VN2rZpyhVX">https://t.co/VN2rZpyhVX</a>
&mdash; Dr. Jill Biden (@DrBiden) <a href="https://twitter.com/DrBiden/status/1815083964207358095?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I'm nothing but proud today of my Pop, our President, Joe Biden, who has served our country with every bit of his soul and with unmatched distinction. Not only has he been—and will continue to be—the most effective president of our lifetime, but he has likely already cemented…
&mdash; Naomi Biden (@NaomiBiden) <a href="https://twitter.com/NaomiBiden/status/1815084080179912704?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/07/39854646/anthony-scaramucci-says-jd-vances-quest-to-wall-us-off-from-rest-of-world-could-be-an-economic-disas?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says JD Vance&#8217;s Quest To Wall US Off From Rest Of World Could Be An Economic Disaster:</a>
Several prominent figures, including California Governor Gavin Newsom, Secretary of Transportation Pete Buttigieg and singer Barbra Streisand, lauded Biden&#8217;s presidency. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">President Biden has been an extraordinary, history-making president — a leader who has fought hard for working people and delivered astonishing results for all Americans. He will go down in history as one of the most impactful and selfless presidents. Thank you, <a href="https://twitter.com/JoeBiden?ref_src=twsrc%5Etfw">@JoeBiden</a>. <a href="https://t.co/HMUMEB1fTl">https://t.co/HMUMEB1fTl</a>
&mdash; Gavin Newsom (@GavinNewsom) <a href="https://twitter.com/GavinNewsom/status/1815085381081281005?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Joe Biden has earned his place among the best and most consequential presidents in American history. I am so proud to serve under his leadership, and thankful for his unwavering focus on what is best for our country.
&mdash; Pete Buttigieg (@PeteButtigieg) <a href="https://twitter.com/PeteButtigieg/status/1815091325772935356?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Joe Biden will go down in history as a man who accomplished significant achievements in his 4 year term. We should be grateful for his upholding of our democracy.
&mdash; Barbra Streisand (@BarbraStreisand) <a href="https://twitter.com/BarbraStreisand/status/1815093002454421554?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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However, the reactions were not universally positive, with actor James Woods expressing apprehension about Biden&#8217;s future role.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If you think Joseph Biden was a danger to America as president, wait until you see what he'll be like as a bitter, enraged lame duck. He MUST resign immediately, lest he go even more insane than he already is. <a href="https://t.co/xK5U3bfcOi">pic.twitter.com/xK5U3bfcOi</a>
&mdash; James Woods (@RealJamesWoods) <a href="https://twitter.com/RealJamesWoods/status/1815087917431402681?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<figcaption class="wp-element-caption">Texas Governor Greg Abbott implied that Biden&#8217;s decision to step down was a premeditated strategy set in motion before his disastrous debate performance.</figcaption></figure>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It looks more and more like that very early debate was a set up to force Biden to step aside. Today's announcement may not have happened without that disastrous debate. <a href="https://t.co/b8aiitxfn7">https://t.co/b8aiitxfn7</a>
&mdash; Greg Abbott (@GregAbbott_TX) <a href="https://twitter.com/GregAbbott_TX/status/1815084574269177993?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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Republican Representative Marjorie Taylor Greene also made a strong statement on X, following Biden&#8217;s decision to drop out from the race.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There's a soft civil war happening in the deep state and the elites in power. The Democrats, the IC, and their activists in the media have been lying to us saying there's nothing wrong with Biden for years. Next, they start a coup against him demanding he drop out of the race…
&mdash; Rep. Marjorie Taylor Greene&#x1f1fa;&#x1f1f8; (@RepMTG) <a href="https://twitter.com/RepMTG/status/1815094727580307799?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Also Read: <a href="https://www.benzinga.com/general/politics/24/07/39874123/trump-goes-in-full-attack-mode-after-biden-drops-out-of-race-says-president-is-certainly-not-fit">Trump Goes In Full Attack Mode After Biden Drops Out Of Race, Says President &#8216;Is Certainly Not Fit To Serve — And Never Was&#8217;: &#8216;Only Attained The Position Of President By Lies, Fake News, And Not Leaving His Basement&#8217;</a>
Why It Matters: Biden&#8217;s decision to withdraw from the 2024 presidential race has significant implications for the political landscape. His departure leaves a void in the Democratic party&#8217;s candidate lineup, opening the door for other potential candidates to step forward. 
Furthermore, the timing of his withdrawal, amid a positive COVID-19 diagnosis and following a disappointing debate performance, raises questions about the president&#8217;s health and political standing.
As the nation reacts to this unexpected news, the focus now shifts to who will emerge as the Democratic party&#8217;s presidential candidate for the 2024 election. The coming months will undoubtedly be a pivotal time in American politics.
Read Next
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39872063/political-strategist-says-these-three-democrats-could-replace-biden-in-the-presidential-race-and-vp" target="_blank" rel="noreferrer noopener"> Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn't One Of Them</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden's Exit From Presidential Race Sparks Massive Reactions From First Lady, Gavin Newsom, Marjorie Taylor Greene And More — Read The Reactions Here

Following President Joe Biden&#8216;s stunning announcement on Sunday that <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">he would not seek re-election this year</a>, former President Donald Trump quickly took to his platform Truth Social to denounce the president. 
Less than an hour after Biden issued a statement that he would &#8220;stand down&#8221; and &#8220;focus solely on fulfilling my duties as President for the remainder of my term,&#8221; Trump did not hesitate to denounce him. 
&#8220;Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve &#8211; And never was! He only attained the position of President by lies, Fake News, and not leaving his Basement,&#8221; Trump wrote. &#8220;All those around him, including his Doctor and the Media, knew that he wasn't capable of being President, and he wasn't &#8211; And now, look what he's done to our Country, with millions of people coming across our Border, totally unchecked and unvetted, many from prisons, mental institutions, and record numbers of terrorists. We will suffer greatly because of his presidency, but we will remedy the damage he has done very quickly. MAKE AMERICA GREAT AGAIN!&#8221;
Biden&#8217;s announcement came a little over one week after 20-year-old Thomas Matthew Crooks attempted to assassinate Trump at rally near Butler, Pennsylvania. Following the incident, a number of Republicans believed it would boost the <a href="https://www.benzinga.com/news/24/07/39763322/republicans-say-trump-rally-shooting-is-a-game-changer-for-former-president-he-just-won-the-election">former president&#8217;s chances of winning the election.</a> 
Recent polls have largely <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">confirmed Trump&#8217;s lead over Biden</a>, stoking fear among Democrats that Biden no longer had the appeal he once did when he defeated Trump resoundingly in the 2020 election. That year, Biden received 306 electoral votes compared to Trump&#8217;s 232. The president also garnered over 81 million popular votes in contrast to Trump&#8217;s 74 million. 
Yet, three years later, the tables appear to have turned. Despite his conviction in the hush-money case and multiple legal battles, Trump has increasingly gained momentum. Following his CNN debate with Biden in June, the embattled Republican presidential candidate gained a lead over <a href="https://www.benzinga.com/news/24/07/39655190/biden-vs-trump-debate-performance-hurts-president-but-this-factor-could-still-keep-him-in-contention">his successor in battleground states.</a> 
The former president, who promised to unite the country but has since returned to criticizing his rivals and denied the results of the 2020 election, now potentially faces Vice President Kamala Harris, whom <a href="https://www.benzinga.com/news/24/07/39874088/biden-backs-harris-for-democratic-nominee-after-bowing-out-of-2024-race-i-want-to-offer-my-full-supp">Biden endorsed on Sunday</a>. 
Betting odds recently showed that <a href="https://www.benzinga.com/government/24/07/39868059/markets-tremble-over-planned-china-chip-restrictions-trumps-election-odds-rise-crowdstrike-triggers">Harris may have a better shot of beating Trump</a> than Biden would have had.
See Also: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39873874/trumps-pleas-for-extra-security-repeatedly-ignored-by-secret-service-prior-to-assassination-attempt">Trump&#8217;s Pleas For Extra Security Repeatedly Ignored By Secret Service Prior To Assassination Attempt: Report</a></li>
</ul>

Trump Goes In Full Attack Mode After Biden Drops Out Of Race, Says President 'Is Certainly Not Fit To Serve — And Never Was': 'Only Attained The Position Of President By Lies, Fake News, And Not Leaving His Basement'

In a surprising turn of events, President Joe Biden has <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">announced his withdrawal from the 2024 presidential race</a>, endorsing Vice President Kamala Harris as the Democratic nominee.
What Happened: Biden made his announcement via social media platform X, expressing his full support for Harris. He stated that choosing Harris as his vice president was his best decision as the party nominee in 2020.
&#8220;My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term,&#8221; the statement read. &#8220;My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it's been the best decision I've made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it's time to come together and beat Trump. Let's do this.&#8221;
This endorsement from Biden is expected to significantly ease the fundraising process for the Biden-Harris campaign. Harris now stands as the Democratic frontrunner.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it's been the best… <a href="https://t.co/x8DnvuImJV">pic.twitter.com/x8DnvuImJV</a>
&mdash; Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1815087772216303933?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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However, the structure of the Democratic National Convention remains uncertain. It&#8217;s unclear whether Harris will receive the nomination outright or face competition in a more open convention.
Why It Matters: Biden&#8217;s decision to step down and endorse Harris is a significant development in the 2024 presidential race. This move could potentially streamline the Democratic nomination process, giving Harris a clear path to the nomination. However, the uncertainty surrounding the structure of the Democratic National Convention could present challenges.
If Harris is to face competition in a more open convention, it could potentially divide the party and complicate the nomination process. On the other hand, if she receives the nomination outright, it could strengthen the party&#8217;s unity and improve her chances in the general election.
This development could also have implications for the Biden-Harris campaign&#8217;s fundraising efforts. Biden&#8217;s endorsement could attract more donors, easing the fundraising process. However, it remains to be seen how this will play out in the coming months.
In any case, this announcement marks a significant shift in the 2024 presidential race, setting the stage for an interesting election season.
Read Next
<a href="https://www.benzinga.com/news/24/07/39872063/political-strategist-says-these-three-democrats-could-replace-biden-in-the-presidential-race-and-vp" target="_blank" rel="noreferrer noopener"> Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn't One Of Them</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden Backs Harris For Democratic Nominee After Bowing Out Of 2024 Race: 'I Want To Offer My Full Support And Endorsement'

In a stunning turn of events, <a href="https://www.benzinga.com/markets/equities/24/07/39871866/an-inside-look-at-what-led-to-joe-bidens-uneasy-standing-among-democrats-as-election-nears">President Joe Biden has declared</a> that he will not be running for re-election in the 2024 presidential race, causing a major shift in the political landscape.
What Happened: As reported by <a href="https://www.cnn.com/2024/07/21/politics/joe-biden-drops-out-election/index.html">CNN</a> on Thursday, Biden announced his decision to withdraw from the race through a letter posted on his official account. He promised to provide more details in a forthcoming address to the nation.
&#8220;It has been the greatest honor of my life to serve as your President,&#8221; Biden wrote. &#8220;And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/RMIRvlSOYw">pic.twitter.com/RMIRvlSOYw</a>
&mdash; Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1815080881981190320?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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This decision follows weeks of speculation about the 81-year-old president&#8217;s health and his capacity to campaign effectively against Trump and govern for another four years. It marks the first time in decades that a U.S. president has withdrawn from a reelection run, reminiscent of President Lyndon Johnson&#8217;s decision in 1968, according to CNN. 
See Also:<a href="https://www.benzinga.com/news/24/07/39872063/political-strategist-says-these-three-democrats-could-replace-biden-in-the-presidential-race-and-vp"> Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn&#8217;t One Of Them</a>
Biden&#8217;s decision comes amid a highly charged political campaign that includes an attempt on Trump&#8217;s life and dwindling support from congressional Democrats. This marks the end of a political career that has spanned half a century, with Biden entering as one of the youngest senators in U.S. history and exiting as its oldest president.
Concerns about the president&#8217;s mental faculties have been Biden&#8217;s biggest political liability since his first run against Trump in 2020. A disastrous performance at the June 27 CNN debate brought these concerns to the forefront of political conversation, ultimately dooming his reelection bid.
Why It Matters: Biden&#8217;s decision to withdraw from the 2024 race has significant implications for the upcoming election. His withdrawal opens up the field for other potential Democratic candidates and could potentially alter the dynamics of the race. Furthermore, this decision brings to the forefront the issue of age and health in presidential elections, a topic that has been a point of contention in recent years. The impact of this decision on the Democratic party and the 2024 presidential race will be closely watched in the coming weeks and months.
See Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39858552/majority-of-democrats-view-kamala-harris-as-a-strong-presidential-contender-poll">Majority Of Democrats View Kamala Harris As Strong Presidential Contender: Poll</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden Drops Out Of 2024 Race In Bombshell Announcement: 'It Has Been The Greatest Honor Of My Life To Serve As Your President'

<a href="https://x.com/JoeBiden/status/1815080881981190320/photo/1">https://x.com/JoeBiden/status/1815080881981190320/photo/1</a>
<figure class="image"><img src="https://pbs.twimg.com/media/GTB11JnW8AAhCDP?format=png&amp;name=large" alt="A letter from President Biden" /></figure>

Government

Macro Economic Events

Macro Notification

Economics

President Joe Biden Announces He Will Stand Down And Will Not Run In The 2024 Presidential Election

As the reelection campaign of President Joe Biden faces mounting challenges, federal employees are reportedly experiencing a <a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one">growing sense of unease.</a>
What Happened: The declining support for Biden has sent shockwaves through the Democratic party, leading to widespread concern among thousands of federal employees about potential changes in the White House.
Conversations with various federal employees have painted a grim picture of the mood within the U.S. government, including the White House, following weeks of political uncertainty, as reported <a href="https://www.politico.com/news/2024/07/21/federal-employees-panic-biden-00169895">by</a> Politico.
A significant number of employees are worried about the unclear future of the federal government leadership post-November.
Large group text chains among USDA staff members have been buzzing following Biden's disappointing debate performance, with officials sharing their apprehensions about the future of his administration. Some USDA employees are even considering leaving their positions prematurely.
Interestingly, the anxiety among federal employees is not solely about Biden, but also about his rival and the implications of a second Trump administration. The &#8220;drain the swamp&#8221; approach of former President Donald Trump has left many federal employees feeling disheartened and fearful, creating a pervasive sense of dread.
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
According to the outlet, a White House official expressed feelings of &#8220;sadness&#8221; regarding the ongoing questions about whether Biden should continue his candidacy.
"We have to make some tough choices, we're in battle," the official said. "We need someone who can represent us. I am incredibly loyal to our president, but it's hard when you're putting your life on the line like many of us working every night, every day, when you don't know who is going to be on the top of the ticket."
&#8220;The first Trump administration was extremely challenging, leading to a mass departure of employees who opted for retirement,&#8221; a U.S. Park Service employee told the outlet. &#8220;If we do have an administration shift, other employees will also reconsider their positions and move to the private sector. I don't know what I'll end up doing.&#8221;
An employee from Health and Human Services revealed that there isn&#8217;t a unanimous opinion among their colleagues about whether Biden should continue or step down, but the fear of Democrats losing the White House in November is quite prevalent.
Why It Matters: The uncertainty surrounding Biden&#8217;s reelection campaign has not only impacted the political landscape but also the morale of federal employees. The potential shift in administration could lead to significant changes in the federal workforce, with many contemplating moving to the private sector. 
The fear of a second Trump administration has also contributed to the growing anxiety, highlighting the deep-seated concerns within the federal government. This situation underscores the importance of political stability for the functioning of the government and the well-being of its employees.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Latest Poll Reveals Surprise Following President's Widely Criticized Debate Performance</a></li>
</ul>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden's Struggling Campaign Strikes Fear In Federal Employees: 'We Have To Make Some Tough Choices, We're In Battle'

Experts believe that Japan&#8217;s increasing dependence on foreign digital services like&nbsp;Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Prime and&nbsp;YouTube&nbsp;Premium by&nbsp;Google Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) is contributing to a rising &#8220;digital deficit,&#8221; <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39766528/amazon-prime-and-youtube-premium-linked-to-japans-rising-digital-deficit-putting-pr" rel="noreferrer noopener">potentially pressuring the yen&#8217;s value</a>.
Two decades after implementing the &#8220;great firewall,&#8221;&nbsp;Xi Jinping-led Chinese government is reportedly testing artificial intelligence systems to ensure they align with socialist values. The&nbsp;Cyberspace Administration of China is compelling tech giants and AI startups, including&nbsp;ByteDance,&nbsp;Alibaba Group Holding Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), &nbsp;Moonshot, and&nbsp;01.AI&nbsp;, to participate&nbsp;in a mandatory <a target="_blank" href="https://www.benzinga.com/news/24/07/39829916/xi-jinpings-china-is-putting-worlds-most-stringent-regulations-on-ai-tech-giants-alibaba-bytedance-t" rel="noreferrer noopener">government review&nbsp;of their AI models</a>.
The U.S. Customs and Border Protection has found that the redesigned Electrocardiography in the Apple Watch does not violate patents held by AliveCor, a medical device company. This ruling further complicates AliveCor&#8217;s legal <a href="https://www.benzinga.com/markets/equities/24/07/39786086/apple-watchs-redesigned-ecg-doesnt-infringe-alivecor-patents-rules-us-customs" target="_blank" rel="noreferrer noopener">challenges against </a><a href="https://www.benzinga.com/markets/equities/24/07/39786086/apple-watchs-redesigned-ecg-doesnt-infringe-alivecor-patents-rules-us-customs" target="_blank" rel="noreferrer noopener">Apple Inc. </a><a href="https://www.benzinga.com/markets/equities/24/07/39786086/apple-watchs-redesigned-ecg-doesnt-infringe-alivecor-patents-rules-us-customs" target="_blank" rel="noreferrer noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</a>.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39776594/microsofts-iphone-moment-wedbush-analyst-dan-ives-expects-ai-to-add-1-trillion-to-v" target="_blank" rel="noreferrer noopener">Microsoft&#8217;s &#8216;iPhone Moment&#8217;? Wedbush Analyst Dan Ives Expects AI To Add $1 Trillion To Valuation</a>
Gaming, Telecom &amp; Media
Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) has decided to discontinue its most affordable ad-free subscription plan in the <a href="https://www.benzinga.com/general/entertainment/24/07/39852314/netflix-ends-lowest-priced-ad-free-plan-in-the-us-here-are-your-choices-now" target="_blank" rel="noreferrer noopener">United States and France beginning Thursday</a>.
Telecom giant AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) allegedly paid a hacker around $400,000 to delete sensitive data <a href="https://app.grammarly.com/ddocs/2531440807" target="_blank" rel="noreferrer noopener">they are said to have stolen</a>.
About 82% of American gamers made in-game purchases in&nbsp;freemium titles last year, according to Comscore&#8217;s 2024 State of Gaming<a target="_blank" href="https://www.benzinga.com/general/gaming/24/07/39844220/82-of-american-gamers-made-in-game-purchases-in-freemium-titles-last-year" rel="noreferrer noopener"> Report (via&nbsp;GamesIndustry.biz)</a>.
Warner Bros. Discovery Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) Warner Bros. Games and NetherRealm Studios lifted the veil on the final DLC character for &#8220;Mortal Kombat 1&#8221; — <a href="https://www.benzinga.com/general/gaming/24/07/39781446/mortal-kombat-1-unveils-final-dlc-character-takeda-in-gameplay-trailer" target="_blank" rel="noreferrer noopener">Takeda Takahashi</a>.
Microsoft Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Activision has officially confirmed the beta dates for &#8220;Call of Duty: Black Ops 6,&#8221; marking a significant <a href="https://www.benzinga.com/general/gaming/24/07/39805048/black-ops-6-first-multi-platform-beta-in-franchise-history-all-you-need-to-know" target="_blank" rel="noreferrer noopener">milestone for the franchise</a>.
Microsoft has unveiled a new Xbox controller inspired by none other <a target="_blank" href="https://www.benzinga.com/general/gaming/24/07/39826578/discover-xboxs-deadpool-inspired-cheeky-controller-and-how-to-get-it" rel="noreferrer noopener">than&nbsp;Deadpool himself</a>.
Nintendo ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) recently teased a mysterious new project with the hashtag &#8220;#WhoIsEmio?&#8221; and a&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/07/39826564/who-is-emio-nintendo-unveils-latest-famicom-detective-club-mystery" rel="noreferrer noopener">cryptic 15-second video</a>.
Larian Studios has officially announced details for the eagerly awaited <a href="https://www.benzinga.com/24/07/39804747/baldurs-gate-3s-patch-7-what-to-expect-from-the-upcoming-update" target="_blank" rel="noreferrer noopener">Patch 7 for &#8220;Baldur&#8217;s Gate 3.</a>&#8220;
Smartphones
In the second quarter of 2024, both&nbsp;Apple and&nbsp;Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) experienced a rise in smartphone shipments. However, the two tech giants saw a decrease in their overall market shares due to <a target="_blank" href="https://www.benzinga.com/news/24/07/39766167/apple-rides-on-heavy-discounts-and-promise-of-ai-to-stabilize-iphone-shipments-but-its-still-losing" rel="noreferrer noopener">stiff competition from Chinese rivals</a>.
After unveiling it at the Worldwide Developers Conference (WWDC) in June,&nbsp;Apple has started rolling out the first&nbsp;iOS 18&nbsp;public <a target="_blank" href="https://www.benzinga.com/news/24/07/39787448/apple-rolls-out-first-ios-18-public-beta-with-home-screen-customization-and-more-heres-how-you-can-g" rel="noreferrer noopener">beta to eligible iPhones</a>.
Apple has given the green light to&nbsp;UTM SE,&nbsp;the first PC&nbsp;emulator for&nbsp;iPhone&nbsp;and&nbsp;iPad. This decision comes after the tech giant initially rejected the app, despite revising&nbsp;its&nbsp;App Store&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/07/39765285/want-to-use-windows-linux-or-android-on-your-iphone-you-can-now-do-it-as-apple-approves-first-pc-emu" rel="noreferrer noopener">guidelines to&nbsp;allow game emulators</a>.
Also Read: <a href="https://www.benzinga.com/news/24/07/39768442/6-new-hidden-iphone-features-you-probably-havent-discovered-yet-on-ios-18" target="_blank" rel="noreferrer noopener">6 New Hidden iPhone Features You Probably Haven&#8217;t Discovered Yet on iOS 18</a>
Apple could end up pushing back the use of&nbsp;Taiwan Semiconductor&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) 2-nanometer chip technology for its <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39790358/production-delays-force-apple-to-skip-tsmcs-2nm-chip-for-iphone-17-report" rel="noreferrer noopener">upcoming&nbsp;iPhone 17 series</a>.
Apple should beat last year&#8217;s Prime Day results due to <a href="https://www.benzinga.com/top-stories/24/07/39776938/amazon-set-to-top-last-years-prime-day-results-due-to-early-deals-analysts-say" target="_blank" rel="noreferrer noopener">&#8220;early access deals,&#8221; analysts say</a>.
Top analyst&nbsp;Ming-Chi Kuo&nbsp;has cast&nbsp;doubt on the anticipated&nbsp;surge in&nbsp;Apple's upcoming <a target="_blank" href="https://www.benzinga.com/news/24/07/39852904/iphone16-projections-questioned-ming-chi-kuo-says-expecting-apple-intelligence-to-drive-sales-may-be" rel="noreferrer noopener">smartphone series,&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/07/39852904/iphone16-projections-questioned-ming-chi-kuo-says-expecting-apple-intelligence-to-drive-sales-may-be" rel="noreferrer noopener">iPhone 16</a><a target="_blank" href="https://www.benzinga.com/news/24/07/39852904/iphone16-projections-questioned-ming-chi-kuo-says-expecting-apple-intelligence-to-drive-sales-may-be" rel="noreferrer noopener">&nbsp;sales</a>.
Technology &amp; Artificial Intelligence (AI)
Google has been testing the integration of&nbsp;Ultra HDR&nbsp;image capture into a <a target="_blank" href="https://www.benzinga.com/news/24/07/39766388/googles-camera-updates-will-soon-let-apps-like-instagram-capture-ultra-hdr-images-heres-why-its-impo" rel="noreferrer noopener">limited camera API for&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/07/39766388/googles-camera-updates-will-soon-let-apps-like-instagram-capture-ultra-hdr-images-heres-why-its-impo" rel="noreferrer noopener">Android 14</a>.
Microsoft launched its AI image generation tool,&nbsp;Microsoft Designer, as a free&nbsp;iOS&nbsp;app, outpacing&nbsp;Apple as the world waits for the&nbsp;iPhone&nbsp;maker <a target="_blank" href="https://www.benzinga.com/news/24/07/39830846/microsoft-outpaces-apple-introduces-designer-ai-image-generation-tool-for-the-iphone" rel="noreferrer noopener">to introduce&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/07/39830846/microsoft-outpaces-apple-introduces-designer-ai-image-generation-tool-for-the-iphone" rel="noreferrer noopener">Apple Intelligence</a>.
Apple has stated that its OpenELM model is not used to power any of its AI or machine learning features, <a target="_blank" href="https://www.benzinga.com/news/24/07/39835993/apple-denies-using-youtube-videos-to-train-its-ai-features-after-report-claims-tim-cooks-company-use" rel="noreferrer noopener">including Apple Intelligence</a>.
AI startup&nbsp;Anysphere, the creator of an AI code editor named Cursor, is in the process of raising funds. The valuation of this round is a significant <a target="_blank" href="https://www.benzinga.com/news/24/07/39792802/openai-backed-startup-anysphere-raises-400m-in-new-funding-round" rel="noreferrer noopener">jump from the previous one</a>.
Researchers from the&nbsp;University of Tokyo have successfully attached&nbsp;living skin tissue to robotic&nbsp;faces, enabling them to &#8220;smile.&#8221; The smiling robot, featured in&nbsp;a study published&nbsp;by&nbsp;Cell Reports Physical Science,&nbsp;is the culmination of a decade-long&nbsp;research by&nbsp;Shoji Takeuchi&nbsp;and his&nbsp;team on the fusion of&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/07/39830453/days-after-elon-musk-deemed-university-of-tokyos-idea-pointless-scientists-develop-smiling-robot-wit" rel="noreferrer noopener">biological and artificial machines</a>.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39830093/tesla-bull-and-grok-investor-pierre-ferragu-compares-chatgpt-with-predicament-facing-call-center-emp" target="_blank" rel="noreferrer noopener">Tesla Bull And Grok Investor Pierre Ferragu Compares ChatGPT With Predicament Facing Call Center Employees: &#8216;Feel About As Useless As The Poor Soul On The Other End Of The Line&#8217;</a></li>
</ul>
Photo: Shutterstock

AAPL

AMZN

BABA

MSFT

NTDOY

SSNLF

What's New In the Consumer Tech World Last Week? News That You Should Know (July 14 - July 20, 2024)

Amazon.com Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Prime Day has become a major fixture on the retail calendar since its inception in 2015, offering Prime members exclusive access to a vast array of deals across categories.
As consumers grapple with rising living costs and remain wary of their spending, all eyes were on brands&#8217; sales performance during Prime Day. While Amazon applied deep discounts on its products, other brands used the event to drive sales and increase visibility, Similarweb noted in a recent report.
Let&#8217;s explore the top products by Best Sellers Rank from Prime Day&#8217;s latest edition on July 16-17, 2024.
Rising Consumer Confidence
According to the <a href="https://www.similarweb.com/corp/wp-content/uploads/2024/07/July-2024-Prime-Day-Results-Category-Sales-Data-and-Winning-Products.pdf?q_mailing_7TUvZ5g3BE7CrNcSCenbq4TDAt3qFkJC6h8yZ=RoPsTSVJi6Yu9bc2kWM95BeB2bakyagSa4Mv8mibxP9fzgtuPjcHqMrZr&amp;sbrc=1ihh4RV3MaVFuSWR-62q5AQ%3D%3D%24JsBv7LUf3VW1GXmvTNyO7A%3D%3D">report</a>, consumer confidence appears to be rising, with shoppers opting for more expensive products this year in the Electronics and Amazon Devices &amp; Accessories categories. Security cameras made up 60% of top Amazon Devices &amp; Accessories items. Apple Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) products, comprising 50% of the top 10 electronics on day two, were up to $291 more expensive than other top items in the category.
Health and Beauty Trends
Health goals were significant to consumers, with 80% of top grocery products offering nutritional or dietary benefits. Consumers remained loyal to their favorite beauty and personal care products, with minimal changes to the top products compared to last year. Korean products continued to be popular, taking the top five spots in the Beauty &amp; Personal Care category on day two.
Also Read: <a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos">This Amazon Applicant&#8217;s Interview Answer Earned Her A Seat 3 Feet Away From Jeff Bezos</a>
Top Products by Best Sellers Rank
Consumers increasingly opted for higher-priced items in this category. Last year, eight out of the top 10 products were priced under $35, while this year only 5 are. Here are some top-ranked products:
<ul>
<li>Fire TV Stick, HD, sharp picture quality, fast streaming, free &amp; live TV, Alexa Voice Remote with TV controls Amazon $17.99</li>
<li>Ring Video Doorbell ‚1080p HD video, improved motion detection, easy installation ‚ Venetian Bronze Ring $49.99</li>
<li>Blink Outdoor 4, Wire-free smart security camera, two-year battery life, two-way audio, HD live view… 3 camera system Blink $99.99</li>
<li>Blink Video Doorbell &#x7C; Two-way audio, HD video, motion and chime app alerts and Alexa enabled…(Black) Blink $29.99</li>
</ul>
Continued Popularity of Bedding Products
Bedding products were particularly popular during Prime Day. In contrast, kitchen items were not as prevalent this year, with only one lunch box appearing in the top 10 on the second day. Top products included:
<ul>
<li>Queen Size 4 Piece Sheet Set &#8211; Comfy Breathable &amp; Cooling Sheets &#8211; White Oeko-Tex Bed Sheet Set CGK Unlimited $25.49</li>
<li>BISSELL Little Green Multi-Purpose Portable Carpet and Upholstery Cleaner, Car and Auto Detailer, Green, 1400B Bissell $81.67</li>
</ul>
Consumer Loyalty in Beauty Products
Consumers stayed loyal to their favorite beauty products, as 70% of top products from last year remained on the list. Korean beauty products dominated, securing the top five spots on day one. Notable products included:
<ul>
<li>COSRX Snail Mucin 96% Power Repairing Essence 3.38 fl.oz 100ml, Hydrating Serum for Face with Snail Secretion Filtrate COSRX $9.58</li>
<li>LANEIGE Lip Glowy Balm: Hydrate, Glossy, Lightweight, Moisturize &amp; Tint with Shea Butter Laneige $15.20</li>
</ul>
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Amazon Prime Day Sees Record Sales Despite Economic Woes

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With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings. <a href="https://pro.benzinga.com/?utm_source=insights">According to Benzinga Pro</a>, these enticing companies are scheduled to trade publicly this week.
<ul>
<li>Concentra Group Holdings Parent, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CON#NYSE">CON</a>) becomes publicly listed starting on July 25, 2024. The company has a price range set between $23.00 and $26.00 with a 180-day lockup period. Concentra Group Holdings Parent, Inc will be offering 22,500,000&nbsp;shares at a per-share value of $24.50.</li>
<li>OneStream, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OS#NASDAQ">OS</a>) becomes publicly listed starting on July 24, 2024. The company has a price range set between $17.00 and $19.00 with a 180-day lockup period. OneStream, Inc will be offering 24,500,000&nbsp;shares at a per-share value of $18.00.</li>
</ul>
<h3>Understanding IPOs</h3>
Initial public offerings, or IPOs, are the transitional processes of private companies deciding to go public and offer shares to investors on exchanges. IPOs typically offer companies the ability to build capital by distributing shares across the market. A company interested in becoming publicly tradeable must first meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.
Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

IPOs

A Look At Upcoming IPOs For The Week

During an episode of the popular <a href="https://www.benzinga.com/personal-finance/24/07/39821566/dave-ramsey-slams-instagram-rich-your-fancy-friends-are-probably-broke">Dave Ramsey</a> show, host and personal finance expert Dave Ramsey preaches on not investing in banks or savings accounts. Here's why he does not recommend this.&nbsp;
Ramsey, who is often known for his blunt but truthful advice, has warned his audience against <a href="https://www.benzinga.com/news/earnings/24/07/39819809/nice-up-9-in-a-month-how-should-investors-play-the-stock">investing</a> their hard-earned money into banks and savings accounts because, according to him, you're lending the bank your money.
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"Don't be a loaner. Be an owner," Said Ramsey.&nbsp;
He explained, "When you put money in a bank you're lending them your money, and they're paying you interest," which he admits is often not a lot of interest. So, to make money, you need to be the owner of the money. How do people go about doing this? Ramsey advises putting it into an investment. He added, "There's never any money in putting your money in the bank." Own your money and not loan away your money.&nbsp;
This advice is targeted not only at investing in banks but also at investing your money in savings accounts. According to the personal finance expert, investing money in a savings account is not going to make you money on that money. On social media platform X, he wrote, "You're not trying to make money on this money. You're trying to save for specific purposes like emergencies, a down payment on a house, a family vacation, or even next year's Christmas fund." If investing your money into a savings account is something you want to do, Ramsey does acknowledge that a high-yield savings account is a better option but points out the cons of investing your money into a savings account instead of something like growth stocks.&nbsp;
See Also: General Motors and other leaders revealed to be<a href="https://www.benzinga.com/money/energyx"> investing in this revolutionary lithium start-up — allowing easy entry by launching at just $9.50 per share.</a>
High-yield savings accounts have higher interest rates, which means you can meet your savings goals more quickly. But here's the catch: they're not great for long-term saving goals or if you want to make money from your money. Ramsey admitted, "Though high-yield savings accounts provide a much higher rate of return than traditional savings accounts, they're still lousy for long-term investing." The other problem with savings accounts, according to Ramsey, is they don't ensure your money is actually growing in value.&nbsp;
If you are going to invest your money into one of these savings accounts, Ramsey advises people to only store their emergency savings and funds for immediate purchases in this account. Your retirement savings should be tied to better investment strategies. For Ramsey, this means investing in growth stocks.
During another episode of the Dave Ramsey show, the finance guru revealed that the key to Americans growing their first $1 million is to invest steadily in growth stocks, not banks.&nbsp;
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Trending: Rory McIlroy&#8217;s mansion in Florida is worth $22 million today, doubling from 2017 —<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> here&#8217;s how to get started investing in real estate with just $100</a>
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This year, Ramsey Solutions conducted its survey, The National Study of Millionaires, which surveyed over 10,000 millionaires. The study revealed that eight out of 10 millionaires surveyed said they invested in their company's 401(k) plan, and another 75% revealed that they invested consistently over the long term. Doing this is what can "cause people to get their first $1 million to $5 million," said Ramsey. Highlighting that this long-term approach to investing is a path to significant financial growth.&nbsp;
Ramsey advises people to make compound interest work for them by investing in growth mutual funds, which is something that he personally does with his money. "I invest in those in up times, in down times, in all times. I never stop." The great thing about mutual funds is that there are plenty of choices. You can choose to invest your money in income funds, money market funds, value funds and even hybrid mutual funds. So, according to Ramsey's advice, "Start investing and keep investing – no matter what."&nbsp;
Read Next:
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<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
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Personal Finance

Dave Ramsey Preaches The Power Of Ownership Over Loanship, Saying 'There's Never Any Money In Putting Your Money In A Bank'

According to a report, the Secret Service consistently dismissed former President Donald Trump&#8216;s appeals for enhanced security measures for two years leading up to the recent <a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one">assassination attempt on his life.</a>
What Happened: Trump had been persistently requesting for additional agents, the installation of magnetometers at large public gatherings and extra snipers for outdoor venues.
However, these pleas were repeatedly turned down by high-ranking officials who cited a scarcity of resources as the reason, <a href="https://nypost.com/2024/07/20/us-news/secret-service-honchos-denied-trump-additional-security-for-2-years-before-assassination-attempt-damning-report-reveals/?utm_campaign=nypost&amp;utm_source=twitter&amp;utm_medium=social">as</a> reported by The New York Post.
The Secret Service, working in partnership with local law enforcement, was responsible for security at the Pennsylvania rally where Matthew Thomas Crooks, a 20-year-old, opened fire. 
Crooks, stationed on a rooftop approximately 130 yards from Trump, discharged up to seven rounds, one of which reportedly grazed Trump&#8217;s ear and resulted in the death of a bystander behind the stage. Two others were severely wounded.
The security lapse triggered widespread anger, compelling the federal security agency to expand Trump&#8217;s detail to match that of President Joe Biden, as reported by The New York Post earlier this week. The Secret Service initially refuted allegations that Trump&#8217;s team had sought extra security prior to the shooting, labeling them as &#8220;absolutely false.&#8221;
Meanwhile, Trump has expressed his disbelief over how the assailant was able to gain access to a roof with a clear line of sight to him. The former president <a href="https://www.foxnews.com/video/6358699262112">shared</a> his concerns in an interview with Fox News, which is scheduled to air on Monday.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Latest Poll Reveals Surprise Following President's Widely Criticized Debate Performance</a>
"You had Trumpers screaming, the woman in the red shirt, she was screaming, &#8216;Man on the roof,' and then other people [said,] &#8216;There's a man on the roof who's got a gun.&#8217; And that was quite a bit before I walked onto the stage. So, you would've thought somebody would've done something about it," Trump said in the interview.
The assassination attempt took place at a rally in Butler, Pennsylvania, last weekend. 
Secret Service Director Kimberly Cheatle repeatedly denied allegations in a meeting with Trump campaign leadership in Wisconsin last Monday.
However, in light of the revelation of substantial deficiencies in the former president&#8217;s security detail, the agency has since revised its position. 
Cheatle is under pressure to resign from both Republicans and Democrats. House Speaker Mike Johnson (R-La.) and Senate Minority Leader Mitch McConnell (R-Ky.) have called for new leadership at the agency.
Rep. Brendan Boyle (D-Pa.) was the first congressional Democrat to call for Cheatle&#8217;s resignation, citing &#8220;unacceptable operational failures.&#8221;
Why It Matters: The incident has raised serious questions about the Secret Service&#8217;s commitment to the safety of the former president. The agency&#8217;s initial denial of Trump&#8217;s requests for additional security, followed by a sudden change in stance after the assassination attempt, has led to public outrage and demands for accountability. 
The incident has also highlighted the potential risks faced by public figures, prompting a reevaluation of security protocols for high-profile individuals.
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<li><a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a></li>
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump's Pleas For Extra Security Repeatedly Ignored By Secret Service Prior To Assassination Attempt: Report

D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) shares are trading higher after the company reported&nbsp;<a target="_blank" href="https://benzinga.com/pressreleases/24/07/b39833823/d-r-horton-inc-americas-builder-reports-fiscal-2024-third-quarter-earnings-and-declares-quarterly-" rel="noreferrer noopener">third-quarter&nbsp;FY24 results</a>.



Sales grew&nbsp;2%&nbsp;Y/Y to&nbsp;$10.0 billion, beating the consensus of&nbsp;$9.77 billion. Net sales orders increased 1% Y/Y to 23,001 homes and&nbsp;were flat in value at $8.7 billion.



Homes closed in the quarter increased 5% Y/Y to 24,155 homes and 6% in value to $9.2 billion.



Sales order backlog of homes under contract as of June 30, 2024, decreased&nbsp;12%&nbsp;to 16,792 homes and&nbsp;12%&nbsp;in value to&nbsp;$6.6 billion.



D.R. Horton had 42,600 homes in inventory, of which 26,200 were unsold as of June-end.



EPS was&nbsp;$4.10&nbsp;(+5%&nbsp;Y/Y),&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$3.78.</a>



Return on equity (ROE) was&nbsp;21.5%&nbsp;for the trailing twelve months ended June 30, 2024, and homebuilding return on inventory (ROI) was&nbsp;29.5%.



The company&#8217;s net cash used in operations for the nine months totaled&nbsp;$228.2&nbsp;million. Consolidated cash balance was&nbsp;$3.0 billion, and available capacity on its credit facilities was&nbsp;$2.8 billion, for a total liquidity of&nbsp;$5.8 billion.



Buyback: D.R. Horton repurchased 3.0 million shares of common stock for&nbsp;$441.4 million&nbsp;during the quarter. The company&#8217;s remaining stock repurchase authorization on June 30 was&nbsp;$459.7 million.



In July 2024, the Board of Directors authorized a new stock repurchase program of up to $4.0 billion, replacing the previous authorization. This new authorization has no expiration date.



Dividend: Subsequent to quarter end, D.R. Horton declared a quarterly dividend per share of $0.30, payable on August 8 to stockholders of record on August 1.



FY24 Outlook: D.R. Horton revised&nbsp;the outlook&nbsp;for revenue to&nbsp;$36.8 billion-$37.2 billion (from $36.7 billion&nbsp;to&nbsp;$37.7 billion) vs. the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of&nbsp;$36.972 billion</a>.



It now expects homes closed to be 90,000 to 90,500 (prior view<a target="_blank" href="https://www.benzinga.com//node/38315651" rel="noreferrer noopener"> 89,000 to 91,000 homes</a>).



DHI reiterated cash provided by operations&nbsp;guidance&nbsp;of around&nbsp;$3.0 billion&nbsp;and currently expects share repurchases of ~$1.8 billion.



David Auld, Executive Chairman, said, &#8220;Although inflation and mortgage interest rates remain elevated, the supply of both new and existing homes at affordable price points is still limited, and demographics supporting housing demand continue to be favorable.&#8221;



Investors can gain exposure to the stock via&nbsp;IShares U.S. Home Construction ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITB#BATS">ITB</a>) and&nbsp;SMI 3Fourteen Full-Cycle Trend ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCTE#NASDAQ">FCTE</a>).



Price Action: DHI shares are up 6.2% at $167.15 at the last check Thursday.



Image via Shutterstock

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Latest news for SMI 3Fourteen Full-Cycle Trend ETF (NASDAQ:FCTE)

Thursday, July 18, 2024