The markets are not disturbed even though Donald Trump had a much better evening of debate than Joe Biden

CNN London —

President Joe Biden had a shaky performance in last night's presidential debate, sparking panic in the Democratic camp. Former President Donald Trump, meanwhile, repeated multiple lies while doubling down on tax cuts and tariff increases during his first term as president.

If repeated in a second Trump term, many economists fear that such a program would fuel inflation at a critical time and add to America’s growing debt mountain. Markets have barely blinked.

What's Happening: U.S. stocks were higher in pre-market trading Friday and CNN's Fear & Greed Index remained in neutral territory for the second straight day as investors shrugged off a contentious presidential debate that dominated the news cycle.

Investors instead chose to focus on inflation, the Federal Reserve's favorite measure, the Personal Consumer Expenditures (PCE) Price Index, due Friday and marking the end of a strong first half of the year. commercial year.

In the current environment, the trajectory of inflation and interest rates, as well as the Fed's ability to maintain the economic soft landing, will likely be more important than the election, wrote Keith Lerner, chief market strategist at Truists, in a recent analysis.

Despite their different policies, under each of the last three U.S. presidents, Barack Obama, Trump and Biden, the S&P 500 index generated an annual return of between 12% and 17%, Lerner said.

Market volatility often intensifies toward the end of an election year and then subsides, but this race is unusual because two incumbents are running for office. That could advance the typical year-end election relief rally, said Ed Clissold, chief U.S. strategist at Ned Davis Research.

Investors have bigger concerns to worry about.

Stock market behavior and investor reactions in the coming days will largely depend on the upcoming release of inflation data, Antonio Ernesto Di Giacomo, market analyst at xs.com, said Friday.

Friday's PCE reading will be decisive, providing crucial information on the future of inflation and potential actions by the Federal Reserve.

Markets are also focused on a strong finish to the first half, with the S&P 500 on track to finish the first six months of the year up 15%. A strong first half usually means the second half will be very strong, Goldman Sachs’ Scott Rubner wrote in a recent note.

Specific sectors: While the broad stock indices are relatively unperturbed by the Biden-Trump face-off, some sectors are more deeply influenced by the election results, said Jonas Goltermann, deputy chief markets economist at Capital Economics.

The financial and energy sectors tend to be more sensitive to political directions, for example.

The US dollar also reacted, appreciating slightly, after CNN's initial poll found that Trump was seen as the winner of the debate. This could be because Trump has reiterated his desire to impose a 10% tariff on all imports, which would likely increase inflation and cast doubt on interest rate cuts.

Looking to France: Across the Atlantic, investors are less optimistic about the imminent political risk.

French President Emmanuel Macron has called early parliamentary elections after his centrist Renaissance party suffered a heavy defeat at the hands of the far-right opposition in the European elections. The first round of the French election will take place on Sunday, with a run-off on July 7.

France has one of the highest budget deficits in the eurozone and is at risk of failing to comply with the European Commission's new budget rules. In this context, markets are worried about the populist policies proposed by parties on the left and right.

Political uncertainty is a near-term headwind to both sentiment (as reflected in financial markets) and, now, activity, wrote Katie Nixon, chief investment officer at Northern Trust Wealth Management. Volatility in European equity and debt markets can be expected through July.

While most European indices were trading higher on Friday, the French benchmark index, the CAC 40, was down 0.3%.

The gap between French and German government debt yields hit its highest level since the 2012 eurozone crisis on Friday, with investors worried that spending pledges by France's far-right party would add to the country's already huge public debt.

CDK Global is still down as July 4, a holiday with high car sales, approaches next week. Auto dealerships use its software to manage everything from scheduling to check-ins, and the massive outage since last week has crippled nearly 15,000 dealerships in North America.

CDK announced last Saturday that it had begun restoring its software, but car buyers and dealers are currently at a standstill. It has repeatedly suggested a fix was needed, only to say its systems would remain down for some time to come.

Here's what you need to know about the massive software outage, my CNN colleagues Ramishah Maruf and Eva Rothenberg report.

What does CDK Global do? CDK Global provides data and technology to various automotive dealerships. Its systems are used by approximately 15,000 automotive dealerships in the United States and Canada.

CDK leverages a variety of software that auto dealers use to manage workflow, such as maintaining records of negotiated transactions, scheduling, and communicating about service. Not all dealers use CDK products, and those that do may not use CDK for every dealership task, but the system shutdown was an issue for many.

To protect customer confidentiality, customer information is no longer written on a simple piece of paper placed on a desk. Instead, information relating to transactions and customer appointments is kept on a server to which salespeople affected by the outage now no longer have access.

Can I still buy a car or have my car repaired? Salespeople and service workers who spoke with CNN said they resorted to pen and paper to process purchases, which lengthened the time it took to buy a car, according to Scott Campbell, a salesman at Capital City Buick GMC in Berlin, Vermont. He estimates that wait times have doubled or tripled.

Several buyers and repair customers told CNN they experienced lengthy delays.

When will CDK be back online? CDK Global does not expect its systems to be back online until June 30.

Why were the systems taken out of service? CDK said it was working on an investigation into the outage after two cyber incidents crippled its systems. The company has not confirmed who was behind these incidents.

Bloomberg previously reported that the company was negotiating with a hacker group based in Eastern Europe, demanding tens of millions of dollars in ransom to end the outage.

Walgreens is preparing to close a significant number of its approximately 8,600 U.S. locations as the company seeks to revive business at struggling drugstore chains, my colleague Jordan Valinsky reports.

The company did not announce a specific number of store closings, but it said Thursday it plans significant closures of underperforming stores across the Americas as part of a multiyear optimization program.

CEO Tim Wentworth said on a call with analysts Thursday that changes are imminent for about 25% of its unprofitable stores and that Walgreens' strategic review will include closing a significant portion of those underperforming stores.

We are at a point where the current pharmaceutical model is not sustainable and the challenges of our operating environment require us to approach the market differently, he said.

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