Trump is already out, and the market has shifted focus to President-elect Biden. As a move for impeachment moves forward, the market will likely view it as stealing valuable time away from fiscal talks.
As we’ve discussed many times before, markets don’t like uncertainty, and this certainly adds a layer. Yes, there’s a cleaner path to added stimulus measures, which markets love, but it also introduces tremendous uncertainties for corporations, especially Big Tech, and this can be seen through the Nasdaq’s early reaction.
Although they didn’t announce some new robust stimulus program, their absolute and total commitment to highly-accommodative monetary policy until the economy recovers fully was exactly the reassurance risk assets needed.