Important Takeaways:

• President Biden announced Sunday that he is dropping out of the 2024 presidential race and threw his support behind Vice President Kamala Harris.
• “While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as president for my term,” Mr. Biden posted in a statement on social media.
• Biden said he would address the nation later this week. Mr. Biden is currently at his home in Rehoboth Beach, Delaware, as he recovers from COVID-19.
• Shortly after the announcement, he endorsed Harris for the Democratic nomination, although Mr. Biden cannot appoint a nominee himself. A source familiar said Mr. Biden and Harris spoke multiple times earlier Sunday ahead of his announcement. There was an emergency meeting of senior Democratic National Committee members happening Sunday.

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