The U.S. stock market "already assumes" President Donald Trump will be impeached, strategist Boris Schlossberg told CNBC on Wednesday.
The comment from the managing director of foreign exchange strategy for BK Asset Management came as U.S. stock futures pointed to a lower open on Wednesday as traders have become increasingly worried about political turmoil involving Trump.
The New York Times reported Tuesday, and NBC News later confirmed the report, that Trump allegedly asked former FBI Director James Comey to "let go" of the investigation into former national security advisor Michael Flynn, prompting questions on whether the president attempted to obstruct justice.
"Why such a muted reaction in all the markets against the news today? And perhaps it's not because the market thinks there's a constitutional crisis but it already assumes impeachment," Schlossberg, who has been a frequent Trump critic, said on "Squawk Box."
CNBC's Joe Kernen responded to Schlossberg's comment, calling it "ludicrous."
Ahead of the latest Trump controversy, Art Hogan, chief market strategist at Wunderlich Securities, on Tuesday tried to explain the muted market reaction to political turmoil.
"On balance, we've got a market that seems impervious to what's going on in Washington," he said. "I think the market's keying on Washington's ability to push tax reform."
Also on the show on Wednesday, Jack Welch, formerly CEO of General Electric who's close to Trump, said an impeachment "would blow the market away."
—CNBC's Matthew Belvedere contributed to this report.