Stocks were set for a muted open after House Speaker Nancy Pelosi said she will launch a formal impeachment inquiry on President Donald Trump.
"I think we kind of baked in the front end of the announcement during the course of the afternoon, but we've got a lot more to learn," said Art Hogan, chief market strategist at National Securities. "This is going to be news that spills out over time but I can't imaging the start of this process improves the tone of the U.S.-China trade talks."
Pelosi's announcement follows a call in which Trump allegedly pressured Ukrainian President Volodymyr Zelensky to investigate former Vice President Joe Biden's family. Trump has admitted to bringing up Biden on the call — tweeting he will release a transcript of it — but denies pressuring Zelensky. The call is believed to be part of an intelligence community whistleblower complaint Democrats have asked the administration to release. They say the complaint would hold details not available in the call's transcript.
Stocks have surged since Trump was elected as the administration has implemented policies such as tax cuts and decreased regulation. The Dow has surged more than 46% since Trump's election. Stocks have previously struggled when a president faces the possibility of impeachment.
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