Is Biden quitting the biggest market risk right now?

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Bloomberg reports that dozens of U.S. House Democratic lawmakers are considering sending President Biden a letter urging him to withdraw from the race. The New York Times confirms this, citing a key Biden ally who reveals that the president understands the fragility of his candidacy following a lackluster debate performance last week.

Despite the speculation, White House Press Secretary Karine Jean-Pierre has dismissed these claims as "absolutely false," asserting, "The president said it is absolutely false. That is coming directly from him."

President Biden, at least publicly, remains steadfast, confident in his mental sharpness, and in another concerning sign, seemingly perplexed by the ongoing doubts about his capabilities.

However, a recent Reuters/Ipsos poll highlights one in three Democrats think Biden should step aside. When potential replacements were considered, former First Lady Michelle Obama strangely emerged as the leading candidate in a hypothetical matchup against former President Trump, with a 50% to 39% lead. Meanwhile, Vice President Kamala Harris trails Trump by a narrow margin of 42% to 43%, indicating her competitive standing is comparable to Biden's.

Rep. Lloyd Doggett of Texas has become the first Democratic lawmaker to publicly call for Biden's withdrawal, expressing hope that the president will make the "painful and difficult decision" to step down.