This week, the markets were greeted with an old foe: political worries. Several significant pieces of information hit the airwaves in the matter of the Trump administration and possible Russian Influence.
The Russians, hacking, and business conflicts have been a constant theme in U.S. politics over the last year or so. However, fresh reports over collusion between Trump and the Russians renewed plenty of trader anxieties over what the administration will do. And with some members of Congress now calling for impeachment proceedings to commence, stocks took it on the chin during the back half of the week.
But they didn’t have any data to help turn back any losses. This week saw only a smattering of economic metrics being reported. Many of which came in less than before.
The same could be said for earnings. With the so-called season for profits winding down, the May doldrums have come and the sheer number of stocks reporting has turned into a trickle.
With nothing much going on, traders continue to focus on the President and his pending issues.
Check out last week’s Market Wrap here.