Stock Market News: September 25, 2019

U.S. stocks fell on Wednesday as political uncertainty weighed on risk weights.

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• S&P 500 (^ GSPC): -0.35%, or 10.53 points

• Dow (^ DJI): + 0.01%, or 2.78 points

• Nasdaq (^ IXIC): -0.47%, or 22.17 points

• US Crude Oil Prices (CL = F): -2.67% to $ 55.76 per barrel

• 10-year Treasury Rate (^ TNX) : +1.9 bps to 1.654%

• Gold (GC = F): -0.27% to $ 1,536.00 per ounce

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" Tuesday after market time, & nbsp; House Speaker Nancy Pelosi formally announced an inquiry request from & nbsp; President Donald Trump.The inquiry was prompted by a whistleblower report that Trump pressured Ukrainian President Volodymyr Zelensky to investigate potential presidential candidate Joe Biden and his son in 2020. " data-reactid = "25"> Tuesday after market hours, House Speaker Nancy Pelosi formally announced an inquiry into President Donald Trump. The inquiry was spurred by a whistleblower report that Trump pressured Ukrainian President Volodymyr Zelensky to investigate potential 2020 presidential opponent Bie and his son.

Meanwhile, Trump also confirmed Tuesday that he was withholding military aid from Ukraine, but said this was because of his view that the United States contributed more to the country than other European nations.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) -sm" type = "text" content = "Trump said he approved the release of it full, unnoticed transcript of his conversation with Zelensky, published by the White House & nbsp; on Wednesday morning the notifier could testify before Congress as soon as this week, according to a & nbsp; Twitter post from House Intelligence Committee Chairman Adam Schiff & nbsp; Tuesday. "Data-reactid =" 27 "> Trump said he approved the release of the full, unprocessed printout of his conversation with Zelensky, which the White House released Wednesday morning. The whistleblower could testify to Congress as soon as this week, according to a Twitter post from House Intelligence Committee Chairman Adam Schiff on Tuesday.

& # 39; Unique context & # 39;

The hint of a formal request for impeachment has fueled further uncertainty in the markets, contributing to the S&P 500's steepest losses since August on Tuesday.

However, most have pointed out that the impeachment process can take months to unfold, and that the likelihood of it continuing past the Republican-majority Senate remains questionable.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" There is no change to general investment recommendations, which are only moderately cyclical given previous geopolitical and now political constraints for the business cycle and profit cycles, "wrote JPMorgan analyst John Normand & nbsp; in a note. "data-reactid =" 31 ">" There is no change in the total investment ent recommendations, which are only moderately cyclical given previous geopolitical and now political constraints on the business cycle and profit cycles, "wrote JPMorgan analyst John Normand in a note.

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However, that being said, the request for impeachment also occurs in a "unique context" in global markets that "now includes four elements – global growth slowdown, classic late cycle vulnerabilities, high market values, but some defensive investor positioning, "added Normand.

for markets into 2020, ”he said. He highlighted the "wildcards" that have emerged as a result of the investigation, including increased uncertainty about US and China trade and US and Iran relations, as well as for the presidential election and Senate in 2020.

History gives little indication of the direction of the stock market amid a presidential inquiry on impeachment. The two previous events – during the Nixon and Clinton administrations – produced two different results.

"During the Nixon saga, stocks already fell (of course, we were going into recession) and fell steadily after the formal investigation process began," Neil Dutta, CFO of Renaissance Macro Research, wrote in an email. of the Clinton impeachment process, markets exploded upward as the economy boomed. Maybe these political events will eventually be overwhelmed by the basics? ”

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<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = " Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck "data -reactid =" 61 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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