EDITOR'S NOTE
An impeachment inquiry has turned the market from its hopes of reaching record highs.
Stocks languished Thursday after a whistleblower complaint against President Donald Trump went public. Trump warned of an impending stock market crash if he's impeached. Others see potential impeachment proceedings as a trading opportunity.
What the market really cares about, though, is trade, says Art Hogan, chief market strategist at National Securities. “If you rank things in an algorithm, trade would be at the top," he said.
For this reason, stocks could remain in a narrow range until trade talks resume in two weeks.
With no clear direction in sight, this is no time to launch an initial public offering, as Peloton learned Thursday. It priced at $29, opened at $27 and dipped below $25, ending the day down around 12%.
Peloton wasn't the most enthusiastically received IPO, anyway, with CNBC's Jim Cramer calling the company's bikes a place to hang laundry.
Peloton CEO John Foley had expected better. He said its $29 price left IPO investors room for profits. “I feel like we weren’t greedy," he told CNBC. TOP NEWS
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