President Joe Biden has withdrawn from this year’s presidential race and endorsed Vice President Kamala Harris to represent the Democratic Party against Republican frontrunner Donald Trump. “It has been the greatest honor of my life to serve as your President,” Biden said in a message from his verified account on the X social media platform. “And 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 step aside and focus solely on fulfilling my duties as President for the remainder of my term.”

Biden’s reelection campaign significantly weakened over the past four weeks, with calls for him to step down intensifying after his poor performance in last month’s debate with former President Trump. Trump, 78, who was already leading in national polls and had modest successes in key swing states, saw his approval ratings and support surge last week following an assassination attempt during a campaign rally in Butler, Pennsylvania.

Senior Democratic Party figures lined up to endorse Harris for the presidency, including former President Bill Clinton and his wife, former Secretary of State Hillary Clinton, who narrowly lost the 2016 election to Trump. “Harris will have a real chance to win over the American public in the second presidential debate, scheduled for September 10, although the Trump campaign might withdraw,” analysts at Capital Economics said.

Biden’s decision, according to Gina Bolvin of Bolvin Wealth Management Group in Boston, could trigger “a whole new level of political uncertainty.” “This could be the catalyst for market volatility that has been long overdue,” Bolvin said. The VIX volatility index from the CBOE Group, a key market volatility indicator, last rose 3.7% to 16.52 points following the news of Biden’s withdrawal, close to the highest levels in six months.