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Cailian Press reported on July 22 that after Biden announced his withdrawal from the election, the question facing investors is whether to stick with the "Trump trade" now that Biden has given up his re-election campaign? "Investors should expect volatility to soar," said Dave Mazza, CEO of Roundhill Financial, before the news was announced on Sunday. "If Harris can give Trump a substantial blow, then we should expect volatility to continue. However, if Trump continues to lead in the polls and investors believe his victory is inevitable, then the 'Trump trade' will prevail and volatility will decline."

Grace Fan, managing director of global policy research at GlobalData.TS Lombard, wrote in a previous report that the change in Democratic candidates means that "Trump trades will be shaken up as the market recalibrates the odds," but those bets are "unlikely to move much" if Harris becomes the final candidate.