James Comey takes the oath before delivering his congressional testimony on Thursday, June 8, 2017.
Isaac Boltansky of the political-research firm Compass Point told Business Insider that Comey's testimony proved nothing would be resolved anytime soon, delaying hope for Wall Street-friendly reforms like bank deregulation or sizeable tax cuts.
The reaction suggests Wall Street believes Comey's testimony produced no smoking gun that could further imperil President Trump's stalled economic agenda.
Comey said he was disturbed by President Donald Trump's bid to get him to drop a probe into former national security adviser, Michael Flynn, but would not say whether he thought the president sought to obstruct justice.
Krueger also said that while tax reform, Wall Street's favorite policy proposal on Trump's agenda, was on a "separate track" from the investigation, Comey's testimony and similar events "delays that engine". A smoking gun that suggests Trump could face more legal scrutiny - or even not finish his term - would spook a stock market that is almost priced for perfection.
"Of course we will be watching to hear what Comey has to say", said Ryan Detrick, senior market strategist at LPL Financial.
All of this matters to Wall Street because the stock market zoomed after Trump's victory.
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"The bias is towards higher rates globally over a long-term period and whether the central banks raise rates today or six months from now, I don't think it's going to change things much", said Mike Mattioli, portfolio manager at Manulife Asset Management in Boston.
While investors have dialed back their expectations of fiscal stimulus, the Dow is starting Thursday just 50 points away from the all-time highs it hit last week.
Still, the fact that the Comey hearing has consumed all the oxygen out of Washington shows how sidetracked the Trump administration has been from working to fulfill key promises on the economic agenda.
It's possible the Comey hearing ends up soothing markets by removing a major question mark.
Keep in mind this was supposed to be the White House's "Infrastructure Week", highlighting a key promise that excited investors about the prospects of a stronger economy.
Investors have been anxiously awaiting an overhaul of the tax code because tax cuts would drive down costs for corporations and most likely lead to higher profits, and thus higher stock prices.
"This is a big negative/delay for...really anything of a pro-growth policy nature", Chris Krueger, a policy analyst at Cowen & Co., wrote in a report on Thursday. Results from the snap election in the United Kingdom are due out Thursday evening and the outcome could shape the delicate negotiations over Brexit.
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