Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) US President Joe Biden abandoned his reelection bid, bowing to relentless pressure from Democrats to drop out over fears he was too feeble to beat Donald Trump and injecting fresh chaos into the 2024 election.

(2) Notable Democrats including Bill and Hillary Clinton and former Labor Secretary Robert Reich were quick to endorse Kamala Harris as the party’s presidential candidate after Joe Biden dropped out of the race.

(3) Investors have been amassing wagers on Donald Trump’s return to the White House for weeks, trimming holdings of long-term US bonds and buying Bitcoin, among other things. Now, they’re considering whether Joe Biden’s exit from the race boosts the odds of a Democrat victory — and how much they must re-calibrate their bets.

(4) As California attorney general, Kamala Harris brought lawsuits against fossil fuel companies, prosecuted a pipeline company over an oil leak and investigated Exxon Mobil Corp. for misleading the public about climate change.

(5) Xander Schauffele captured the British Open, shooting a 6-under 65 in the final round, which started with nine players separated by only three shots. With the win, Americans swept golf’s majors for the first time since 1982.