"After a tumultuous two years, the market is not shocked easily," David Donabedian, chief investment officer of CIBC Private Wealth Management, told Markets Insider in an email.
"While there has been a slightly negative market reaction to the House impeachment inquiry, this is entirely rational, and nothing that could be called a panic," Donabedian said. "Investors are less scared or shocked by the possibility of impeachment and more concerned with the fundamentals of the market."
Going forward, Donabedian said markets will be watching to see if policy and trade talks move ahead. Trade has been the "biggest cloud over financial markets" for the last 18 months, and the worry is that impeachment proceedings could stall progress even further.
He'll be watching Nancy Pelosi for signs of what might come.
"My bet is that Pelosi leans in that direction of saying we can walk and chew gum at the same time," Donabedian said, and that she will work to move forward both the impeachment proceeding as well as policies such as the USCMA trade deal.
"We actually might see passage of the new NAFTA before the end of the year," he said. That, or a trade agreement with Japan, "would be a big deal."