Dow Jones futures are up this morning despite Trump’s impeachment.

The stock market is being driven by positive economic sentiment.

A flurry of earnings and economic data are in the cards today.

Futures on the Dow Jones Industrial Average (DJIA) are up early Thursday morning as the market seems unmoved by President Trump’s impeachment by the U.S. House of Representatives. The Dow’s immunity to this big political development is proof that the stock market is currently being driven by strong fundamentals and signs of economic growth.

US stocks edge to records again after solid economic data https://t.co/E5G03EShYI — The Straits Times (@STcom) December 17, 2019

Another reason Trump’s impeachment hasn’t moved the Dow futures today is that the outcome was probably expected from a Democrat-led House. Moreover, removing Trump from office is far from a done deal as the action will now move to the Senate, which is controlled by the Republicans.

BREAKING: Russian President Vladimir Putin says U.S. President Donald Trump's impeachment is far-fetched and predicts the U.S. Senate will reject it. https://t.co/wqZ2Yee5Mk — The Associated Press (@AP) December 19, 2019

The Dow’s reaction is a clear indication that the Senate is expected to vote against Trump’s removal. So the market is counting against any political upheaval. It is instead looking at the improving economic scenario that should boost the stock market as the year comes to a close.

Dow futures point to a higher open

Dow Jones futures are up 43 points, or 0.15 percent, at 5.43 am ET as the stock market looks to resume its rally after yesterday’s pause. The Dow had finished slightly lower yesterday, snapping a five-day winning streak, even as Trump went on a Twitter tirade.

S&P 500 futures and Nasdaq Composite futures are also in the green, indicating that the stock market is all set to open higher today.

The stock market is looking past Trump’s impeachment

Recent data points indicate that the U.S. economy is now in good shape. More evidence of the U.S. economy’s strength might emerge today as a string of data is all set to come out. The Philadelphia Fed will issue December’s manufacturing numbers today. The index, which is a gauge of manufacturing activity in the mid-Atlantic, was up 10.4 points in November after gaining 5.6 points in October.

Another round of favorable data could prove to be a tailwind for the stock market today as it will point toward economic expansion. The Dow could also be impacted by existing home sales data that is due out today. There was positive news on this front in October as existing home sales in the U.S. had jumped more than expected, driven by low mortgage rates.

On the earnings front, a flurry of activity is expected today. The likes of FactSet, Darden Restaurants, and Accenture are set to release their earnings before the bell. AAR and Scholastic will deliver their reports after the bell, along with Nike, which is expected to be the big news for the day.

Nike is running higher ahead of its earnings Thursday, and traders are cheering for the stock. @Michael_Khouw has the details. $NKE pic.twitter.com/c8dNDLhda8 — Options Action (@OptionsAction) December 18, 2019

Nike’s earnings are in the spotlight as the market is expecting the sports apparel giant to post solid numbers despite the impact of tariffs. Given that a trade truce has been struck between the U.S. and China, analysts expect Nike’s performance to improve over the coming quarters.

But at the same time, there are a few analysts who continue to remain skeptical about the trade deal. The lack of concrete details from Beijing has left the likes of Chris Krueger, an analyst at Cowen, flummoxed. He wrote in a note (via CNBC):

“There remains more questions than answers,” Chris Krueger, Washington strategist at Cowen, said in a note. It’s “more trade truce than deal … It is unclear if any China tariffs on U.S. goods have been reduced … Vague promises on IP protections.”

China’s foreign ministry is not coming out with specific details about the U.S.-China trade pact. Such skepticism on Wall Street’s part could keep the Dow and the broader stock market grounded. But then, a slew of positive earnings reports and the economic data due today could give the Dow a push on the penultimate trading day of the week.