Despite calls from major donors and his own party's officials to exit the 2024 presidential race, President Biden asserted his intention to continue his legacy through his reelection effort in a letter to Democrat lawmakers.

Yahoo Finance Senior Columnist Rick Newman weighs in on Biden's standing amongst voters on topics like inflation, what a Biden exit could look like, and how the stock market (^DJI, ^IXIC, ^GSPC) could react to Biden passing the torch late in this election cycle.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Luke Carberry Mogan.

Follow along the latest Yahoo Finance reporting on the 2024 election cycle:

This week in Bidenomics: Kamalanomics?

If Biden drops out of the presidential race, what happens next?

Markets could see 'knee-jerk' positive jump to Trump victory

Worried about Biden and Trump wreaking havoc on your portfolio? There's nowhere to hide!

2024 elections: Biden's party woes, UK's Labour priorities

Biden pressured by major donors to end reelection campaign

DNC could nominate Biden as early as July 21: Bloomberg