(CNBC) Stocks were whipsawed on Tuesday by worries about President Donald Trump’s political future.
The S&P 500 dropped 0.8%, its biggest one-day drop since Aug. 23. The Nasdaq Composite also had its worst day in a month, dropping 1.5%. The Dow Jones Industrial Average closed 140 points lower, 0.5% 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.