Whether or not she now prevails in a confidence vote called for 2 p.m. ET on Wednesday, there are only a limited number of outcomes to the chaos: Brexit will either be delayed, called off altogether or completed by March 29, with or without an exit deal.
Most analysts agree that Tuesday's record defeat for May makes a delay, and possibly a new referendum, more likely. Parliament will also have more control over the Brexit process, reducing the risk that Britain will crash out of the European Union.
Markets were calm on Wednesday despite the widespread uncertainty over what happens next. Dec Mullarkey, managing director of investment strategy at Sun Life Investment Management, said he now expects a delay.
"The immediate realization from the vote is that the United Kingdom will need to request an extension of the exit deadline, as continuing negotiations will quickly run down the clock," he said.
Business groups, however, continued to sound the alarm about the dangers of leaving the bloc without a deal.
"Every business will feel no deal is hurtling closer," said Carolyn Fairbairn, director general of the Confederation of British Industry. "A new plan is needed immediately."
2. Snap exodus: Chief Financial Officer Tim Stone is leaving Snap (SNAP), just eight months after joining the company from Amazon (AMZN).
The departure comes at a difficult time for Snap, which has been struggling with a declining user base and falling stock.
It has seen an exodus of executives over the last year, including human resources chief, Jason Halbert — who left earlier this week.
Snap stock fell more than 7% during after-hours trading.
CEO Evan Spiegel said in an SEC filing that Stone's departure was not related to any disagreement with the company related to its accounting, management or similar issues.
3. Bank earnings: Bank earnings are now in full swing, with Goldman Sachs (GS), Bank of America (BAC) and PNC (PNC) reporting before the opening bell.
Investors have been watching closely to see how banks handled major market volatility at the end of last year.
JPMorgan Chase (JPM) reported Tuesday that bond trading revenue fell 16% in the final three months of 2018. Its results were below analyst expectations, a rare miss.
On a call with analysts, CEO Jamie Dimon brushed off the loss.
"I honestly couldn't care less," he said. He pointed to the company's strong performance in other areas, such as loans and credit cards.
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4. Market overview: US stock futures were pointing higher. BlackRock (BLK) and Charles Schwab (SCHW) will release earnings before the open. Alcoa (AA) and Kinder Morgan (KMI) will follow after the close.
A report on US crude inventories will be published at 10:30 a.m. ET.
European markets were mixed on Wednesday. Stocks in Asia also struggled to find direction.
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