Stocks tumble as Trump impeachment inquiry raises political tension

Business Insider Finance 1 month ago

Stocks plunged on Tuesday as growing momentum for an impeachment inquiry into President Trump elevated political tensions.

House Speaker Nancy Pelosi prepared to launch a formal impeachment inquiry into Trump's conversation with Ukrainian President Volodymyr Zelensky, where he allegedly pushed him to investigate Democratic presidential candidate Joe Biden's family.

Stocks recovered some losses from earlier in the day after Trump agreed to release a full transcript of his conversation with Zelensky.

"I am currently at the United Nations representing our Country, but have authorized the release tomorrow of the complete, fully declassified and unredacted transcript of my phone conversation with President Zelensky of Ukraine," Trump wrote in a tweet on Tuesday.

He continued: "You will see it was a very friendly and totally appropriate call. No pressure and, unlike Joe Biden and his son, NO quid pro quo!"

A key measure of consumer sentiment posted its largest drop in nine months during September, adding to concerns of economic slowdown in the US. The Conference Board, a private research group, said its measure of consumer confidence dropped to 125.1 in September, down from 134.2 in August.

Here's a look at the major indexes as of the 4 p.m. close on Tuesday:

The US Federal Reserve injected another $105 billion into the financial system on Tuesday in an effort to keep short-term interest rates within its target range. The Fed started pumping capital into the markets last week with repurchase agreements, or repos, marking the first time the assets were sold since the 2008 financial crisis.

Shares of Nio, an electric car maker often referred to as the "Tesla of China," extend its two-day loss as far as 30% after plunging more than 21% on Tuesday alone. The company reported a wider-than-expected loss for the second quarter and announced thousands of employees would be laid off by the end of the year.

Within the S&P 500, these were the largest gainers:

And the largest decliners:

Communications services and energy stocks lost more than 1.3%, while consumer discretionary companies fell 1.2%. Utilities rose 1.1%, while consumer staples gained 0.2%.


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