US President Joe Biden has officially dropped out of the running for the 2024 presidential election and endorsed Vice President Kamala Harris to take his place as the presumed Democratic nominee, releasing a statement on his X account (formerly Twitter) on Sunday.

Democratic backers donated almost $50 million overnight to the ActBlue PAC (political action committee).

Yahoo Finance senior columnist Rick Newman joins Morning Brief to break down Kamala Harris' boost in campaign funds, her policy achievements, and the current political landscape among Democrat lawmakers.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Nicholas Jacobino