A.M. Update – Biden Steps Aside, Little Reaction

S&P futures are up +0.6%, supported by pre-open gains in mega cap and semiconductor stocks which have lifted NASDAQ-100 futures +1%. Meanwhile, Small Cap Russell 2000 futures are up just +0.35%. It’s looking like the anti-rotation consolidation mentioned last week (Tech/Mega-Caps/Semis bounce, while Small Caps correct/consolidate). President Biden announced his exit from the 2024 presidential…