President Joe Biden ended his reelection bid. What's next?

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back! Yes, there is such a thing as a "Vape Phone." And yes, we did try it out.

In today's big story, President Joe Biden ended his reelection bid. Here's what happens next.

What's on deck:

• Markets: Some alternatives to high-yield savings accounts for when interest rates drop.
• Tech: Why Marc Andreessen's argument about Trump benefiting "Little Tech" doesn't add up.
• Business: The era of working multiple jobs is coming to an end.

But first, I'm calling it quits.

If this was forwarded to you, sign up here.

The big story

Biden bows out

Joe Biden has had enough.

The president ended his reelection campaign on Sunday, the culmination of mounting pressure from his party after a disastrous debate last month.

In a letter posted on social media, Biden wrote he believed it was "in the best interest of my party and the country" to exit the race and "focus solely on fulfilling my duties as President for the remainder of my term."

He said he would speak to the country later this week about his decision, but didn't provide more details.

Reactions about the news from business leaders like Elon Musk and Reid Hoffman ranged from criticism of the Democratic party to praise for Biden. Meanwhile, former President Donald Trump said in a post on Truth Social that "Crooked Joe Biden was not fit to run for President."

Biden's decision partially ends what has been a chaotic few weeks for his party. Democrats have argued — initially behind closed doors and then publicly — over whether the president was their best choice amid concerns over his age.

Biden's departure from the race came with an endorsement: Vice President Kamala Harris. The choice has long been viewed as the most straightforward pick for the party due in part to campaign finance laws.

Harris said she was "honored" to have the endorsement and intended to "earn and win this nomination."

Harris hasn't wasted time trying to secure the nomination.

Biden's reelection campaign has quickly pivoted to serve Harris, making it an uphill battle for any Democrat looking to challenge her, writes Business Insider's Brent D. Griffiths. Plenty of Democrats have already followed Biden in endorsing Harris, including Bill and Hillary Clinton.

But even if Harris seems like a shoo-in for the ticket, the past few weeks have taught us to expect the unexpected in Washington.

With the party's convention scheduled from August 19-22 in Chicago, BI's Bryan Metzger has a breakdown of how the next few weeks could shake out. An open convention could mean a wide array of candidates throw their hats in the ring.

Many have made comparisons to the 1968 Democratic convention, which was a contested convention after President Lyndon B. Johnson ended his reelection campaign earlier that year.

Coincidentally, that convention also took place in Chicago, and Hubert Humphrey, Johnson's vice president, secured the nomination. However, Humphrey lost to Richard Nixon by 110 electoral votes in the general election.

Democrats could ultimately face the same fate, but moving on from Biden was their best chance at shaking up a race they were falling behind in, writes Brent.

Here's the latest news in the wake of Biden's announcement:

• Meet Kamala Harris, America's vice president who Joe Biden endorsed after dropping out of the race.
• Biden drops out and the money comes rolling in.
• Here's where Kamala Harris stands on the issues, from the economy to healthcare.
• The names being floated as Kamala Harris' running mate now that Biden has dropped out.
• Trump's allies had attack ads aimed at Kamala Harris at the ready.
• Biden said only the 'Lord Almighty' could get him to exit the presidential race. Then came Nancy Pelosi.
• What happens with Biden's war chest now that he's dropped out?

3 things in markets

1. Citi Wealth exodus continues. More than a dozen bankers from the bank's workplace-wealth group, which serves rich lawyers, left for Bank of Montreal. Wealth boss Andy Sieg was undeterred in an internal memo, stating the group was still the "clear market leader — full stop."
2. Warren Buffett's go-to market indicator isn't looking great. The Buffett Indicator, which measures the total US market cap to GDP, hit an all-time peak of 200% on Monday. Years ago, Buffett said if the ratio approaches 200%, "you are playing with fire."
3. When interest rates drop, where should you put your cash? The silver lining of the Fed's rate policy has been high-yield savings accounts, but a rate cut will make those less appealing. A financial planner made some suggestions for alternatives. (But don't rush it!)

3 things in tech

1. Big Tech's phony Trumpism. Famed tech investor Marc Andreessen broke a pattern of longtime Democratic presidential support when he announced he'd be backing Donald Trump this year. Andreessen says a second Trump administration would further a "Little Tech" agenda he favors. But that argument doesn't make much sense, BI's Adam Rogers writes.
2. Turn off those auto-updates. After a massive IT outage disrupted grocery stores, banks, and airport operations around the globe, IT professionals bemoaned the simple way it could've all been avoided: disabling auto-updates.
3. To make them safer, OpenAI wants chatbots to chat with each other. Sam Altman's company recently unveiled its new technique for getting chatbots to reveal their thought processes: having them converse. It's part of a safety initiative in the wake of several high-profile departures from OpenAI's safety team earlier this year.

3 things in business

1. The sun is setting on overemployment. Some Americans doubled their income by secretly working multiple remote jobs, which helped them save up, pay debts, or make savvy investments. But with return-to-office mandates and hiring slowdowns, they're bracing for a future without the extra paychecks.
2. Some pandemic boom towns could see big home-buying chances. Though the housing market is infamously unaffordable, the Southern real estate market is on the verge of a major opportunity for buyers. A real estate analyst explained why home prices in the South could see double-digit declines in the next few years.
3. Is tipping culture getting out of hand? Tipping is creeping into more and more aspects of daily life, and not everyone's buying into it. Two people told BI why they're resisting the tipping ubiquity — and shared the places where they think it's still appropriate.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.