Democrats rally behind Kamala Harris; raises $50 million after Biden exits race

This is CNBC's live blog covering news and updates on Joe Biden's decision to bow out from the U.S. presidential campaign of 2024. See below for the latest updates.

Washington and the world are still reeling from President Joe Biden's surprise announcement on Sunday that he is ending his teetering re-election campaign.

But Biden's swift endorsement of Vice President Kamala Harris to replace him at the top of the Democratic ticket is energizing Democrats and breathing new life into their campaign to defeat former President Donald Trump and his running mate, Ohio Sen. JD Vance.

The "Biden for President" campaign committee has officially been renamed the Harris for President committee, maintaining the Biden team's infrastructure, staff and — crucially — its $98 million in cash reserves. Harris' newly launched campaign has raised $49.6 million in grassroots donations in the less than one day since it was launched, according to spokesperson comments carried by Reuters on Monday.

Read more about Joe Biden

• What happens next: Joe Biden has dropped out of the 2024 presidential race
• President Joe Biden drops out 2024 presidential election, endorses Kamala Harris
• With Biden's backing, Kamala Harris leads the pack in bid to replace him on the ticket
• Republicans call on Biden to resign after president announces he won’t seek reelection
  

• What happens next: Joe Biden has dropped out of the 2024 presidential race
• President Joe Biden drops out 2024 presidential election, endorses Kamala Harris
• With Biden's backing, Kamala Harris leads the pack in bid to replace him on the ticket
• Republicans call on Biden to resign after president announces he won’t seek reelection
  

Now, speculation swirls about who the former California