Lindsay James, investment strategist at Quilter Investors, said the withdrawal of US President Joe Biden from the US presidential race and his endorsement of Kamala-Harris has made a Trump victory less likely, and there could be some volatility in the market over the next four months. However, she wrote in a research note that expectations of rate cuts will remain a driver of market returns compared to campaign news. She added that the market is increasingly pricing in a Trump victory, with small companies partially buoyed by expectations of widespread import tariffs.