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US stocks recede from record highs; drugmakers skid
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NEW YORK (AP) — U.S. stocks are falling Wednesday morning after setting records the last two days. Health care companies are taking some of the biggest losses. Drugmaker Eli Lilly is plunging after a potential treatment for Alzheimer's disease failed in a study. Technology stocks are also lower after HP released a weak profit forecast.

KEEPING SCORE: The Dow Jones industrial average fell 8 points to 19,015 as of 9:53 a.m. Eastern time. The Standard & Poor's 500 index skidded 7 points, or 0.3 percent, to 2,195. The Nasdaq composite lost 32 points, or 0.6 percent, to 5,354. The Russell 2000 index of small-company stocks, which has risen for the previous 13 trading days, fell 0.5 percent.

ELI LILLY TUMBLES: Eli Lilly dropped after saying a potential treatment for Alzheimer's disease failed in a clinical trial. The company said solanezumab did not slow down patients' mental decline compared to a placebo. Lilly fell $9.45, or 12.4 percent, to $66.54, its lowest value in more than two years. Other drugmakers also slumped. Biogen sank $17.85, or 5.6 percent, to $300.26 and Merck fell 74 cents, or 1.2 percent, to $60.96.

OH, DEERE! Agricultural and construction equipment maker Deere disclosed a bigger profit than analysts expected. Deere's business has been hurt by a slowdown construction and low commodity prices, which have caused farmers to cut back on purchases of equipment. The stock advanced $8.63, or 9.4 percent, to $100.65 and reached an all-time high.

CALL TECH SUPPORT: Printer and PC maker HP lost ground after it issued a profit forecast that disappointed investors. Its stock gave up 50 cents, or 3.1 percent, to $15.45. Other technology companies traded lower as Alphabet, Google's parent company, slid $10.12, or 1.3 percent, to $774.88 and Facebook shed $1.23, or 1 percent, to $120.24.

OUT OF STYLE: Urban Outfitters fell after its quarterly profit and sales came up short of expectations. Its stock lost $3.33, or 8.5 percent, to $35.68.

CURRENCY: The dollar climbed higher and rose to 112.28 yen from 111.14 yen. The euro fell to $1.0556 from $1.0624.

BONDS: Bond prices dropped and yields moved higher. Yield on the 2-year Treasury note rose to 1.12 percent from 1.09 percent. The yield on that note is at its highest in more than six years. The yield on the 10-year Treasury note rose to 2.38 percent from 2.31 percent, its highest in almost a year and a half.

ENERGY: Benchmark U.S. crude fell 44 cents to $47.59 per barrel in New York. Brent crude, used to price international oils, shed 40 cents to $48.72 a barrel in London.

OVERSEAS: Germany's DAX index shed 0.8 percent and the CAC 40 in France dropped 0.6 percent. Britain's FTSE 100 slid 0.4 percent. The Kospi in South Korea advanced 0.2 percent and Hong Kong's Hang Seng ended unchanged. Japanese markets were closed for a holiday.

President Joe Biden drops out of the 2024 race after disastrous debate inflamed age concerns
Joe Biden
President Joe Biden

WASHINGTON (AP) — President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election.


The decision comes after escalating pressure from Biden's Democratic allies to step aside following the June 27 debate, in which the 81-year-old president trailed off, often gave nonsensical answers and failed to call out the former president's many falsehoods.


Biden plans to serve out the remainder of his term in office, which ends at noon on Jan. 20, 2025.


"It has been the greatest honor of my life to serve as your President. 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," Biden wrote in a letter posted to his X account.


Biden, who remains at his Delaware beach house after being diagnosed with COVID-19 last week, said he would address the nation later this week to provide "detail" about his decision.


The White House confirmed the authenticity of the letter.


He did not immediately throw his support behind Vice President Kamala Harris, the party's instant favorite for the nomination at its August convention in Chicago.


The announcement is the latest jolt to a campaign for the White House that both political parties see as the most consequential election in generations, coming just days after the attempted assassination of Trump at a Pennsylvania rally.


A party's presumptive presidential nominee has never stepped out of the race so close to the election. The closest parallel would be President Lyndon Johnson who, besieged by the Vietnam War, announced in March 1968 that he would not seek another term.


Now, Democrats have to urgently try to bring coherence to the nominating process in a matter of weeks and persuade voters in a stunningly short amount of time that their nominee can handle the job and beat Trump. And for his part, Trump must shift his focus to a new opponent after years of training his attention on Biden.


The decision marks a swift and stunning end to Biden's 52 years in electoral politics, as donors, lawmakers and even aides expressed to him their doubts that he could convince voters that he could plausibly handle the job for another four years.


Biden won the vast majority of delegates and every nominating contest but one, which would have made his nomination a formality. Now that he has dropped out, those delegates will be free to support another candidate.


Harris, 59, appeared to be the natural successor, in large part because she is the only candidate who can directly tap into the Biden campaign's war chest, according to federal campaign finance rules.


Biden's decision to not explicitly endorse Harris appears to set the stage for the party's mess to continue up to the convention.


The Democratic National Convention is scheduled to be held Aug. 19-22 in Chicago, but the party had announced that it would hold a virtual roll call to formally nominate Biden before in-person proceedings begin.


The date for the roll call hasn't been set, and it's unlikely that will happen since the field is suddenly wide open. Harris would likely have competition from others looking to replace Biden. But that could create a scenario in which she and others end up lobbying individual state delegations at the convention for their support.


In 2020, Biden pitched himself as a transitional figure who wanted to be a bridge to a new generation of leaders. But once he secured the job he spent decades struggling to attain, he was reluctant to part with it.


Biden was once asked whether any other Democrats could beat Trump.


"Probably 50 of them," Biden replied. "No, I'm not the only one who can defeat him, but I will defeat him."


Biden is already the country's oldest president and had insisted repeatedly that he was up for the challenge of another campaign and another term, telling voters all they had to was "watch me."


And watch him they did. His poor debate performance prompted a cascade of anxiety from Democrats and donors who said publicly what some had said privately for months, that they did not think he was up to the job for four more years.


Concerns over Biden's age have dogged him since he announced he was running for reelection, though Trump is just three years younger at 78. Most Americans view the president as too old for a second term, according to an August 2023 poll from The Associated Press-NORC Center for Public Affairs Research. A majority also doubt his mental capability to be president, though that is also a weakness for Trump.


Biden often remarked that he was not as young as he used to be, doesn't walk as easily or speak as smoothly, but that he had wisdom and decades of experience, which were worth a whole lot.


"I give you my word as a Biden. I would not be running again if I didn't believe with all my heart and soul I can do this job," he told supporters at a rally in North Carolina a day after the debate. "Because, quite frankly, the stakes are too high."


But voters had other problems with him, too — he has been deeply unpopular as a leader even as his administration steered the nation through recovery from a global pandemic, presided over a booming economy and passed major pieces of bipartisan legislation that will impact the nation for years to come. A majority of Americans disapprove of the way he's handling his job, and he's faced persistently low approval ratings on key issues including the economy and immigration.


Biden's age surfaced as a major factor during an investigation of his handling of classified documents. Special counsel Robert Hur said in February that the president came across in interviews with investigators as "a sympathetic, well-meaning, elderly man with a poor memory."


The president's allies seized on the statement as gratuitous and criticized Hur for including it in his report, and Biden himself angrily pushed back on descriptions of how he spoke about his late son.


Biden's motivation for running was deeply intertwined with Trump. He had retired from public service following eight years serving as vice president under Barack Obama and the death of his son Beau but decided to run after Trump's comments following a "Unite the Right" rally in Charlottesville, Virginia, in 2017, when white supremacists descended on the city to protest the removal of its Confederate memorials.


Trump said: "You had some very bad people in the group, but you also had people that were very fine people on both sides. On both sides."


That a sitting president didn't unequivocally condemn racism and white supremacy deeply offended Biden. Then, Biden won the 2020 election and Trump refused to concede and stood by for hours while his supporters stormed the U.S. Capitol on Jan. 6, 2021, beating and bloodying law enforcement in a failed attempt to overturn the certification of Biden's win.


"If Trump wasn't running, I'm not sure I'd be running," Biden once said during at a campaign event.


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Follow the AP's coverage of the 2024 election at https://apnews.com/hub/election-2024.