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 U.S. stock indexes skidded lower into Tuesday's close, amid negative headlines on Brexit and reports related to President Donald Trump's impeachment inquiry. The Dow Jones Industrial Average closed nearly 40 points, or 0.2%, lower at 26,788, with a post-earnings skid for shares of Travelers Cos. Inc. , off $11.76, or 8.3%, and McDonald's Corp. , down $10.58, or 5%, combining to deliver a 151-put headwind to the blue-chip index. Meanwhile, the S&P 500 index closed down 0.4% at 2,996, slipping below a psychologically significant level at 3,000, while the Nasdaq Composite Index finished 0.7% lower at 8,104. All closing levels are on a preliminary basis. The Wall Street Journal and others reported that U.S. diplomat Kurt Volker told the Ukrainian president he needed to convince Trump he was willing to investigate corruption and alleged Ukrainian 2016 election interference against former Vice President Joe Biden and his son, said the paper, citing people familiar with the former envoy's recent testimony to Congress. The disclosures may intensify the Congressional investigation into allegations that Trump withheld federal funds in exchange for a probe into a political rival. Separately, investors focused on on Brexit after U.K. lawmakers endorsed Prime Minister Boris Johnson's plan to leave the EU but voted against a fast-track plan that would have seen the country leave the trade bloc by Oct. 31, increasing some uncertainty around Brexit.
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U.K. Prime Minister Boris Johnson's plan to exit from the European Union appeared less certain on Tuesday, with the British leader losing a vote to fast-track his plan to abandon the European Union by Oct. 31. Johnson lost a program vote to leave the trade bloc 308-322, but won an earlier vote "in principle" for his Brexit plan 329-299. Johnson is expected to go to the European Commission soon to seek an extension but didn't immediately call a snap election as had been feared by some. Johnson had also threatened to pull his plan, which threatened the U.K. crashing out of the EU. The votes on Tuesday come a day after Speaker of the House of Commons John Bercow refused to allow a "straight up-and-down" vote on Brexit because lawmakers voted to delay approving the the vote on Saturday, and parliamentary rules bar the same measure from being considered a second time during a session of parliament unless something has changed. Sterling fell 0.7% against the U.S. dollar, last changing hands at $1.2865 on Tuesday, according to FactSet data. Meanwhile, the FTSE 100 finished the session before the votes up 0.7%. "Traders pushed the sterling on the back of the first vote and then traders quickly took the profit off the table as the second vote came in," wrote Naeem Aslam, chief market analyst at ThinkMarkets U.K., in a Tuesday research note.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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UK banks have already priced in a Brexit resolution, says Citi
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