Markets shrug off the Trump's impeachment article

US markets were in the green on Tuesday’s trading session start, seemingly brushing off Representative Al Green’s filed article of impeachment against President Donald Trump. Investors may be focusing on signs of de-escalation in the Middle East, as Trump-linked assets are recording gains.

The Dow Jones Industrial Average rose by 309 points, or 0.7%, while the S&P 500 and Nasdaq Composite each gained 0.7% and 1%, respectively. Shares of Trump Media & Technology Group Corp climbed 2%, and two pro-Trump meme tokens, “Official Trump” and “Melania,” each rose 5% over the past 24 hours.

Oil prices posted a second straight day of declines. US crude oil dropped more than 5% on Tuesday, following a 7% plunge the previous day. Brent crude prices dropped over 4% in the same period. 

Markets have reacted positively to President Trump’s statement asking for a ceasefire between Iran and Israel, as he faces accusations of constitutional violations.

Markets shrugged off the impeachment article

Tuesday’s market calm is somewhat similar to that seen during Trump’s first impeachment in 2019, when the House charged him with abuse of power over his dealings with Ukraine and obstruction of Congress. Then, as of now, investors have reacted minimally.

“Investors have virtually ignored what’s going on in Congress,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors, speaking to CNBC at the time. “They care about the economy. They care about profits. They care about trade, and if they thought the president was in serious jeopardy of losing his job, they’d care.”

Although the S&P 500 dipped by 1% when the 2019 impeachment hearings were announced in September of that year, markets rebounded and proceeded to end the year higher than the month. The general consensus was that Trump would not be removed from office, which meant that monetary policies would not change.

Lynn Franco, senior director at The Conference Board, said consumer confidence has always been stable during impeachment proceedings. “Impeachment headlines may be compelling and anxiety-inducing, but there’s been no discernible impact on consumer spending or sentiment,” she noted.

Green: Trump violated war powers

Rep. Al Green’s newly filed impeachment resolution questions President Trump’s authorization of US airstrikes on three Iranian nuclear facilities over the weekend. The article accuses the president of bypassing Congress and abusing his authority by ordering military action without notifying or seeking approval from lawmakers.

Green insists that Trump violated Article I of the U.S. Constitution, which grants Congress the sole power to declare war. 

“President Trump’s unilateral, unprovoked use of force without congressional authorization or notice constitutes an abuse of power when there was no imminent threat to the United States,” the resolution reads.

The Texas Democrat called what Trump did an “authoritarian conduct,” lambasting the POTUS for “devolving American democracy into authoritarianism.” Green also cited the January 6, 2021, Capitol riot, Trump’s immigration agenda, and repeated attacks on federal judges as examples of what he called an ongoing abuse of power.

“No president has the right to drag this nation into war without the authorization of the people’s representatives,” he said in a press briefing early Tuesday, “President Trump’s unauthorized bombing of Iran constitutes a de facto declaration of war.”

Green has been one of Trump’s most vocal critics in Congress. He previously introduced several impeachment articles during Trump’s first term. He was also censured earlier this year after interrupting the president during a joint session of Congress. 

In his latest statement, he reckoned that he will continue holding Trump accountable. “I did not come to Congress to be a bystander while a president abuses power,” he concluded.

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