Harris leads Biden in PredictIt betting markets
Nasdaq advances ~0.8%, S&P 500 up ~0.4%, Dow edges red
Comm Svcs leads S&P 500 sector gainers; Energy weakest group
Dollar, crude slip; bitcoin falls ~3%; gold gains >1%
U.S. 10-Year Treasury yield slides to ~4.28%
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HARRIS LEADS BIDEN IN PREDICTIT BETTING MARKETS
U.S. Vice President Kamala Harris is strongly favored to become the 2024 Democratic presidential nominee, pulling ahead of President Joe Biden in the PredictIt politics betting marketplace.
Contracts that Harris will win her party's nomination are selling at 46 cents, up 3 cents from Thursday, with a potential $1 payout.
Contracts Biden will be the official nominee dropped 4 cents to 36 cents as the 81 year old scrambles to defuse a political crisis over his shaky debate performance.
Biden is set to participate in a television interview on Friday that will be watched for signs of whether his mental acuity is failing.
The Democrats' nominating convention is in August.
Contracts that Michelle Obama, wife of former President Barack Obama, will become the Democratic nominee are trading at 10 cents, up from 6 cents when they were introduced on June 30.
While a recent Reuters/Ipsos poll showed support for Michelle Obama above Biden and Republican candidate Donald Trump, she has said repeatedly she does not intend to run for president.
PredictIt's market for the winner of the presidential election has Trump trading at 58 cents, mostly unchanged this week. Contracts for a Harris victory rose 4 cents to 26 cents on Friday, her highest yet, while Biden contracts dipped 1 cent to 20 cents.
A nonprofit research project based in New Zealand, PredictIt is operated by Victoria University of Wellington, which shares data with other universities to study topics including microeconomics and game theory.
The U.S. Commodity Futures Trading Commission (CFTC) in May proposed a rule that would ban listed contracts used to bet on U.S. elections and other major real world events.
PredictIt is also suing the CFTC after the regulator in 2022 moved to stop it from operating.
(Noel Randewich)
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