"I don't particularly think that the impeachment hearings and proceedings are going to have a major impact on the market," Greg Zappin of Penn Mutual Asset Management told Markets Insider in an interview.
At the end of the day, the market is focused on earnings, earnings growth, recession fears, China trade issues, and the Federal Reserve, he said.
Going forward, he said that the election in 2020 will be a bigger market mover than the impeachment hearings.
"I think the focus on who the democratic nominee is and what the policy prescriptions are, are going to really move the market. I think that's still the big thing," he said. This is because the level of policy change that could be coming will depend on the Democratic nominee and the election in 2020.
"What's happening in Washington right now is a very real and serious headwind for the markets. And it's a challenge for investors and it is suppressing valuations. It is keeping markets lower than they would otherwise be," Charles Lemonides of ValueWorks told Markets Insider in an interview.
Once the challenge of the impeachment is removed, the market could go much higher, Lemonides said.
"The combined headwind of impeachment proceedings with the uncertainty of a presidential election and how that paralyzes people leaves one sort of impressed by the fact that the S&P is, you know, touching record highs," he said.
"The takeaway for me is that yeah, if these negatives weren't there, these markets would be really, really robust."
"I think the impeachment is very important, but the population is very split and it's not going to make huge changes right now," Thyra Zerhusen of Fairpointe Capital told Markets Insider in an interview.
"The uncertainty has been very damaging to the US manufacturing industry," she said. "So this is just one more uncertainty and at the end, maybe nothing will happen."
As for the market, Zerhusen thinks it's "going to plug along until the elections," she said. Then, "the next big critical thing will be more who will be elected."
She continued: "And if we had somebody more steady that companies could make longer term decisions, that would definitely be a positive."
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