Biden Exits Presidential Race, Backs Harris as Democratic Nominee

In a surprising turn of events, President Joe Biden announced on Sunday that he would withdraw from the presidential race against Donald Trump, endorsing Vice President Kamala Harris as the Democratic Party's nominee. This decision comes amid mounting pressure from party members for Biden to step aside, reshaping the political landscape ahead of the upcoming election. In other news, a significant cybersecurity incident unfolded as a faulty software update from CrowdStrike affected nearly 8.5 million devices, leading to a global IT outage on Friday. The fallout from this incident was severe, with CrowdStrike's shares plummeting by 11%. The situation has raised concerns about the reliability of software updates and their potential impact on global operations. Financial markets reacted negatively, with the S&P 500 and Nasdaq Composite experiencing their largest weekly losses since April, declining nearly 2% and 3.7%, respectively. Meanwhile, Boeing reported improvements in the production of its 737 Max planes, although the new head of its commercial unit acknowledged past disappointments regarding delivery delays. She expressed optimism about enhancing production quality, with output increasing to 38 planes per month. In the Asia-Pacific region, markets mostly declined following an unexpected rate cut by China's central bank aimed at bolstering the economy. As the U.S. electoral landscape shifts with Biden's exit, analysts, including CNBC's Jim Cramer, suggest that uncertainty may influence mergers and acquisitions in the tech and cybersecurity sectors.