U.S. stock futures were under pressure early Wednesday, in a move triggered hours earlier after the resignation of Gary Cohn, the White House National Economic Council director. Dow futures’s: ymh8] fell 400 points late Tuesday as that news reached traders. Those futures were down 377 points, or 1.5%, to 24,475 on Wednesday, with S&P 500 futures dropping 34.90 points, or 1.3%, to 2,688.75. Nasdaq-100 futures tumbled 85 points, or 1.2%, to 6,822.25. Other perceived riskier assets, such as oil, came under pressure as well. April crude futures dropped 55 cents, or 0.9%, to $62.05 a barrel. Cohn’s resignation comes days after U.S. President Donald Trump announced tariffs on steel and aluminum imports, a move which the economic advisor had opposed. “With Cohn’s steadying influence no longer steering economic policy in the Trump administration, in addition to Trump’s recommitment to his nationalist trade agenda, market participants are growing increasingly nervous of where the Trump administration is going,” said Jasper Lawler, head of research at London Capital Group, in a note to clients. The ICE Dollar Index fell 0.1% to 89.482. Asian markets were also lower across the board on Wednesday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News