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What to watch for in the Biden-Trump presidential debate

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By James Oliphant

(Reuters) -The two oldest candidates ever to run for U.S. president meet on June 27 for a televised debate unlike any other. One accuses his rival of being unhinged and a danger to democracy, while the other accuses his opponent of being senile and corrupt.

President Joe Biden, 81, and former President Donald Trump, 78, are essentially tied in national opinion polls with fewer than five months until the Nov. 5 election.

But many voters remain undecided, raising the stakes of a debate that will be viewed more for possible moments of drama than for policy discussions between the Democratic president and his Republican challenger.

Here is what to watch for in the first 2024 presidential debate in Atlanta, Georgia, on June 27, airing on CNN at 9 p.m. EDT (0100 GMT on June 28):

THE FITNESS QUESTION

Both candidates may face questions about their fitness to serve in ways previous presidential hopefuls have not. 

Trump claims Biden is physically and mentally unfit for office, while Biden has called his predecessor “unhinged” and a danger to democratic norms.

Democrats point to Trump’s role in the Jan. 6, 2021, attack on the U.S. Capitol by his supporters, his other efforts to overturn the 2020 election and his conviction on May 30 on 34 felony counts for his involvement in a hush-money scheme to keep an alleged sexual encounter with a porn star from the public.

On the other side, Biden’s mental and physical strength has been the subject of scrutiny and speculation as he seeks a second four-year term. Critics say he is slowing down and point to a series of verbal slipups; allies claim he is as sharp as ever. 

Trump has regularly mocked Biden at rallies, suggesting he’s not up to the job.

The president’s age is also on most voters’ minds, including Democrats, and many viewers will be on alert for any sign that Biden — or Trump — is not up to the task. 

Trump has not faced the same questions about his stamina but has raised eyebrows with his tendency to go off on extended tangents and occasionally misidentifying Biden as former President Barack Obama. 

THE TEMPERAMENT TEST

Both candidates are known for their tempers and impatience. They are used to commanding the stage and getting their way. Both have been president and likely see little reason to yield to the other. 

“There is a lot of bad blood,” said Tevi Troy, a former George W. Bush official who helped that Republican president prepare for the 2004 debates against Democrat John Kerry. 

Biden rattled Trump during their first debate in the 2020 race, leading Trump into what was viewed as a poor performance as the Republican repeatedly interrupted and bickered with the moderator. Biden went on to beat Trump handily.

Trump may try to get under Biden’s skin by mentioning the legal problems of the president’s son, Hunter, who was convicted this week of lying about his drug use to illegally buy a gun. Joe Biden is well practiced at deflecting such comments, but viewers will be looking for any sign that the president cannot maintain his poise under fire.

Trump has to be careful, too, not to turn off moderate voters with a bullying approach.

“You can’t be so aggressive that you are rude, and you seem to be trampling your opponent,” said Brett O’Donnell, a veteran Republican debate consultant. 

Both Biden and Trump could be rusty. Trump refused to participate in the 2024 Republican primary debates, a decision that did him no harm as he easily beat all his rivals for the party’s nomination. Biden also has not been on a debate stage in almost four years.

DISINFORMATION DANGER

Trump is notorious for injecting falsehoods and exaggerated boasts into his remarks, typically requiring a legion of fact-checkers to verify his claims. Biden, too, has been known to tell a few tall tales on the stump. 

But there is peril for the opposing candidate in trying to correct the record on stage. “You have limited time,” Troy said. “You have to get your points out.”

He said fact-checking is a task better left to campaign aides who can quickly send out statements challenging the opponent’s assertions. Many news organizations also will assess the veracity of the candidates’ statements.

THE NARRATIVE TRAP

There will be a strong temptation for Biden to lean into Trump’s recent conviction in New York. O’Donnell says that would be a bad idea because it would further Trump’s unsupported contention that Biden was involved in bringing the charges and that Trump is a victim of political persecution. 

The Biden campaign recently launched a $50 million ad campaign highlighting Trump’s guilty verdict, suggesting the president’s team views it as a winning issue.

For Trump, the danger lies in saying things that underscore Biden’s argument that he is a threat to democratic norms. Trump, for example, has suggested he will use the Justice Department to target his political enemies.

“Trump has to seem presidential, said Aaron Kall, an expert on presidential debates at the University of Michigan.

Trump may also be tempted to complain, as he frequently does on social media, about the forces working against him or cast himself as a victim of a political conspiracy. But undecided voters don’t care about Trump’s grievances, O’Donnell said. 

“Folks aren’t interested in the candidate’s problems, they are interested in their problems,” the debate consultant said.

Political experts said the candidates should emphasize cost-of-living issues – such as high grocery, housing and energy prices – to show they are in touch with voters’ sentiments. 

Biden has been trying to reassure voters about the economy for months with mixed results, and Reuters/Ipsos polls have shown Trump with an edge over Biden as the candidate voters trust to handle the economy. 

Democratic pollster Brad Bannon said Biden needs to acknowledge that some voters are still having a tough time.

“He must couple his boast of accomplishments with an acknowledgement that consumers still struggle with high prices for gas and groceries,” Bannon said. 

Biden, he said, “does empathy well. He needs to do much more of it.” 

NO AUDIENCE FEEDBACK

In a sharp departure from previous presidential debates, there will be no studio audience. That could pose problems for both candidates, but perhaps particularly for Trump, who draws energy from a boisterous crowd.

The candidates might be somewhat at sea, getting no real-time feedback as to how their arguments and attacks are being received, Kall said. With no voters in the room to pander to, the candidates also may be more substantive and less histrionic.

Another danger for Trump: CNN has said his microphone will be turned off when Biden speaks to prevent Trump from interrupting. Trump may decide to try and be heard anyway, risking alienating some viewers in the process. 

Trump, however, has deep experience in studio settings given his many years on network television, while Biden has delivered speeches from the White House without an audience. A key to debate success may be which candidate makes the format work best for them by connecting viscerally with viewers at home. 

THE WILD CARD

There remains the slim possibility that independent candidate Robert F. Kennedy Jr. could qualify for the debate under the criteria set by CNN. Should that happen, it would radically alter the dynamic, experts said.

© Reuters. FILE PHOTO: U.S. President Donald Trump and Democratic presidential nominee Joe Biden participate in their second 2020 presidential campaign debate at Belmont University in Nashville, Tennessee, U.S., October 22, 2020. REUTERS/Jonathan Ernst/File Photo

To qualify, Kennedy must reach at least 15% support in four national opinion polls while also ensuring his name is on the ballot in enough states so that if he won them all, he would amass enough electoral votes to become president.

He faced a June 20 deadline for qualification and seemed unlikely to meet it. 

Stock Markets

SCWO Stock Hits 52-Week Low at $0.71 Amid Market Challenges

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In a challenging market environment, shares of 374Water (SCWO) have touched a 52-week low, dipping to $0.71. The company, with a market capitalization of $104 million, maintains a strong liquidity position with a current ratio of 3.81 and more cash than debt on its balance sheet, according to InvestingPro data. The company, which specializes in water treatment solutions, has seen its stock price struggle significantly over the past year, reflecting a broader trend in the sector. Investors have been cautious, as evidenced by the stock’s 1-year change, which shows a substantial decline of 52.96%. InvestingPro analysis indicates the stock is currently in oversold territory, with 18 additional investment insights available to subscribers. This downturn highlights the volatility faced by environmental technology companies and raises concerns about future performance amidst uncertain market conditions. With a beta of -0.51, the stock typically moves opposite to market direction, potentially offering diversification benefits.

In other recent news, 374Water Inc. has secured approximately $12.2 million through a registered direct offering, involving the sale of common stock and warrants. The cleantech company expects the gross proceeds before fees and expenses to be around the $12.2 million mark, with D. Boral (OTC:) Capital LLC serving as the exclusive placement agent for the offering. The capital infusion is scheduled to be finalized by November 18, 2024, pending customary closing conditions.

In further developments, 374Water has initiated operations of its AirSCWO technology at the Iron Bridge Regional Water Reclamation Facility in Orlando. This marks a significant step in commercial biosolids processing, with the technology designed to efficiently process biosolids and PFAS contaminated wastes. The successful integration of the AirSCWO system into the Iron Bridge facility demonstrates the company’s capacity to destroy persistent organic pollutants, including PFAS.

The Florida Department of Environmental Protection supported the installation with a grant under the Bilateral Infrastructure Law emerging contaminant funding. Notably, CEO Chris Gannon highlighted the operational success in Orlando as crucial for showcasing the technology’s capacity to manage municipal, federal, and industrial organic waste streams at scale. The company anticipates additional commitments across the United States, including a deployment to Orange County Sanitation (CA) in 2025.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Stock Markets

Global shares and dollar firm in muted pre-Christmas trade

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By Alden Bentley, Samuel Indyk and Rae Wee

NEW YORK/LONDON (Reuters) -Wall Street topped off a global share rally in thin trade on Thursday as markets prepared for early Christmas Eve closes, while the dollar was buoyed by firmer Treasury yields and speculation that the Federal Reserve would slow its easing in 2025.

The was 0.47% higher in late morning trade, the rose 0.73% and the rose 0.99%.

U.S. stock trading wraps up at 1:00 p.m. EDT/1800 GMT, and the bond market closes at 2:00 p.m. Most financial centers around the world are closed on Wednesday for Christmas. The U.S. reopens on Thursday, while many financial centers have a second day off.

“Meagre news and data flow should keep the focus on a more hawkish Fed,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

MSCI’s gauge of stocks across the globe went up more than half a percent. The pan-European index rose 0.18%. 100 rose 0.19% and 40 rose 0.14%. German stocks were closed for the Christmas holiday.

In Asia, Chinese stocks rose after sources told Reuters that Beijing planned to issue a record amount of special treasury bonds next year as it ramps up fiscal stimulus to revive a faltering economy.

The blue-chip index and both ended 1.3% higher. Hong Kong’s advanced 1.1%.

The news came shortly after China’s finance ministry said authorities would ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents, as well as expanding consumer goods trade-ins.

Still, investors remain cautious on the outlook for the world’s second-largest economy, particularly as it faces the threat of hefty tariffs from U.S. President-elect Donald Trump.

Elsewhere, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.37%.

FED FOCUS

Investors are taking direction from last week’s 25 basis point Fed interest rate cut, its signals on the strength of the economy and its slow progress bringing inflation down to its 2% target. Markets are now pricing in about 35 basis points of easing for 2025, implying one quarter-point rate cut and around a 40% chance of a second.

U.S. Treasury yields pared gains after the Treasury saw solid demand for a $70 billion sale of five-year notes, but remained higher on the day. The two-year Treasury yield, which is sensitive to changes in Fed rate expectations, was up 0.9 bp at 4.359%, while the benchmark 10-year yield rose 2.6 bp to 4.625%, reaching a seven-month high at 4.629%. [US/]

“Like markets, the Fed will need to consider U.S. policies on tariffs and immigration in its inflation and growth outlook. We believe the subtle slowing in the U.S. labor market will still be the Fed’s paramount concern,” said analysts at Citi Wealth.

“While always uncertain, our base case expectation for a 3.75% policy rate is unchanged. It’s a far cry from the 1.7% U.S. policy rate average of the past 20 years.”

The Fed’s cut was the third one this cycle, taking the Fed funds rate to 4.25%-4.5%.

Ahead of Trump’s return to the White House in January, global central banks have urged caution over their rate paths due to uncertainty on how his planned tariffs, lower taxes and immigration curbs might affect policy.

Data on Monday showed U.S. consumer confidence unexpectedly weakened in December as the post-election euphoria fizzled and concerns about future business conditions emerged.

In currencies, the rose 0.14% hovering near a two-year high hit Monday, having climbed more than 2% in December so far.

The euro eased 0.15% to $1.0389, while the yen languished near last week’s five-month low, trading at 157.35 per dollar.

Japan’s Finance Minister Katsunobu Kato on Tuesday reiterated Tokyo’s discomfort with excessive foreign exchange moves and put speculators on notice that authorities are ready to act to stabilise a faltering yen.

© Reuters. FILE PHOTO: The German stock exchange is decorated for the Christmas season as the German share price index DAX graph is pictured in Frankfurt, Germany, December 23, 2024.    REUTERS/Staff/File Photo

rose 0.13% to $2,616.26 an ounce, having risen about 27% this year, heading for its biggest yearly gain since 2010.

rose 1.56% to $70.32 a barrel and rose to $73.73 per barrel, up 1.51% on the day. [O/R]

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Wall Street advances in short Christmas Eve session on megacap gains

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By David French

(Reuters) -Wall Street’s main indexes all ended higher on Tuesday, with gains in megacap and growth stocks bolstering benchmarks in a truncated Christmas Eve session.

Both the and the scored four straight sessions of gains. For the Dow, the run follows its 10-session skid earlier this month, its longest losing streak since 1974.

The benchmarks closed higher on the first day of a historically strong period called the “Santa Claus rally.” The on average has gained 1.3% in the last five days of December and first two days of January, according to data from the Stock Trader’s Almanac going back to 1969.

With megacap stocks having outsized influence on markets, their performance is often a key driver of indexes. When coupled with reduced trading volumes and few other catalysts, as many investors take time off for the holidays, this is even more pronounced.

All the so-called Magnificent Seven megacap technology stocks climbed on Tuesday, led by Tesla (NASDAQ:).

The automaker’s rise helped push consumer discretionary shares higher, making them the top gaining sector in the S&P.

Elsewhere, chip manufacturers were also buoyant. Broadcom (NASDAQ:) and Nvidia (NASDAQ:) were up, while Arm Holdings (NASDAQ:) climbed a day after losses from losing a court case.

Growth names rose despite U.S. Treasury interest rates remaining elevated – the benchmark 10-year note yielded around 4.61% on Tuesday. Traditionally, higher debt costs crimp growth stocks.

However, the long-term themes around technology development, including advancements in artificial intelligence, overshadow any near-term moves in Treasuries, said Charlie Ripley, senior investment strategist for Allianz (ETR:) Investment Management.

“This reinforces that view that the sector is going to remain strong, and should be well into the new year,” he said.

According to preliminary data, the S&P 500 gained 64.93 points, or 1.09%, to end at 6,039.00 points, while the Nasdaq Composite gained 264.31 points, or 1.34%, to 20,029.19. The Dow Jones Industrial Average rose 366.75 points, or 0.85%, to 43,273.70.

Stock markets shut at 1:00 p.m. ET on Tuesday and will be closed for Christmas on Wednesday.

After a stellar run to record highs following the November election, which sparked hopes of pro-business policies under U.S. President-elect Donald Trump, Wall Street’s rally hit a bump this month as investors grappled with the prospect of higher interest rates in 2025.

The U.S. Federal Reserve eased borrowing costs for the third time this year last Wednesday, but signaled only two more 25-basis-point reductions next year, down from its September projection of four cuts, as policymakers weigh the possibility of Trump’s policies stoking inflation.

Allianz’s Ripley said the themes which had driven the market higher in the past two months remained intact, and actions by the Fed had not killed the rally.

“Heading into 2025, things are set up with good positioning,” he said, noting factors including economic outlook, consumption in the U.S. and the labor market.

© Reuters. FILE PHOTO: A Christmas tree is seen outside of the New York Stock Exchange (NYSE) at Wall St and Broad St. in New York City, U.S., December 13, 2023.  REUTERS/Brendan McDermid/File Photo

Crypto-related stocks traded higher on Tuesday, including Microstrategy (NASDAQ:), Riot Platforms (NASDAQ:), and MARA Holdings, as the price of bitcoin advanced.

NeueHealth soared after the healthcare provider said New Enterprise Associates, its largest shareholder, and a group of existing investors will take the company private in a $1.3 billion deal.

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