The S&P 500 dropped 0.8%, its biggest one-day drop since Aug. 23, to 2,966.60. The Nasdaq Composite also had its worst day in a month, dropping 1.5% to 7,993.63. The Dow Jones Industrial Average closed 142.22 points lower, or 0.5% at 26,807.77 after falling more than 200 points at one point.
House Speaker Nancy Pelosi will announce a formal impeachment inquiry later on Tuesday after she meets with her caucus to discuss the call Trump had earlier this year with Ukraine’s leader, Volodymyr Zelensky, where he allegedly pressured him to investigate Democratic presidential hopeful Joe Biden’s family.
“Now we have the facts, we’re ready,” Pelosi said.
A spokesman for the former vice president said Biden will urge Trump to comply with congressional requests for information. The spokesman added that Biden thinks Congress has no choice but to impeach Trump if he does not comply. Trump has admitted to talking to Zelensky about Biden but denied pressuring him. Rep. John Lewis, D-GA, tweeted in support of Trump’s impeachment, noting: “The future of our democracy is at stake.” Other prominent Democrats, including Sen. Dick Durbin of Illinois, also called on Tuesday for Trump’s impeachment.
Stocks trimmed some of their losses after Trump said he would release the full transcript of the controversial call. Trump said in a series of tweets he “authorized the release tomorrow of the complete, fully declassified and unredacted transcript of my phone conversation” with Zelensky.