President Joe Biden announced on Sunday that he will not run for re-election in 2024, throwing the race wide open and causing a retreat in the stock market. Following a controversial presidential debate last month, concerns about Biden's ability to secure a second term had been mounting. Instead, Biden endorsed Vice President Kamala Harris, giving her his full support and endorsement as the Democratic nominee.

The news of Biden's exit has sent shockwaves through financial markets, particularly due to the potentially diminished chances of former President Donald Trump's return to the White House. While Trump remains a formidable contender against Harris or any other Democratic nominee, Biden's departure introduces an element of uncertainty into the race.

As a result, the stock market experienced a broad retreat, with the Dow Jones, small-cap stocks, and non-tech sectors all witnessing a decline. The Nasdaq suffered a significant drop, while the S&P 500 also retreated due to chip supply chain issues and an IT outage at CrowdStrike. Leading companies like Nvidia and Google saw notable sell-offs.

Investors are closely watching the upcoming earnings reports from tech giants Google and ServiceNow, as they are expected to have a significant impact on the tech sectors, including artificial intelligence, cloud computing, online advertising, and business software. Additionally, a slew of companies, including Tesla, AppFolio, United Rentals, and KLA Corp., among others, will be reporting their earnings this week, making it a crucial period for investors.

The development in the 2024 presidential race has also had an impact on other sectors, such as renewable energy. Solar stocks and green energy plays have struggled recently due to the potential policy shifts under a Trump administration, while coal and oil stocks have rallied.

The stock market's performance last week reflected the uncertainty caused by Biden's exit. The Dow Jones Industrial Average experienced a small rise, while the small-cap Russell 2000 advanced. However, the S&P 500 and Nasdaq both faced declines, signaling possible concerns about the tech sector's growth.

Despite the overall market retreat, there were still some positive performers in specific sectors. The SPDR S&P Homebuilders ETF and the Energy Select SPDR ETF made gains, while the Financial Select SPDR ETF and the SPDR S&P Regional Banking ETF experienced notable leaps.

Tesla, a key player in the electric vehicle market, saw its stock fall on Friday. The decline came after Trump's speech on Thursday, in which he pledged to remove the de facto national EV mandate. It remains to be seen how such a move would impact Tesla's competition and its revenue from EV credits.

Looking ahead, the market remains uncertain as investors digest the news of Biden's exit from the 2024 race. The upcoming earnings reports and the ongoing developments in the political landscape will likely continue to influence market trends. Traders are advised to remain vigilant and updated with the latest market movements.

Please note that the specific numbers and dates in the article are for illustrative purposes only and may not reflect real-time data or events.