Stocks were set to edge lower on Wednesday, even after House Speaker Nancy Pelosi said she will launch a formal impeachment inquiry on President Donald Trump.
As of 7:09 a.m. ET Wednesday, Dow Jones Industrial Average futures implied a loss of more than 10 points at the open. S&P 500 and Nasdaq 100 futures also indicated slight opening losses.
On Tuesday, the S&P 500 and Nasdaq Composite posted their biggest one-day declines in a month in anticipation of the impeachment inquiry. The Dow Jones Industrial Average also dropped 142 points, or 0.5%.
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.
The S&P 500 was down about 20% at one point from its high in 1998 as independent counsel Kenneth Starr ramped up his investigation of President Bill Clinton for perjury and obstruction of justice, according to CFRA. The market bottomed as the House began impeachment proceedings and later recovered all losses to reach a then-record high.