March 7, 2018
U.S. stock index futures pointed to a sharply lower open on Wednesday after news that White House chief economic advisor Gary Cohn has resigned.
Dow Jones industrial average futures indicated a drop of more than 300 points at the open, while the S&P 500 futures implied a decline of about 1 percent. Industrials stocks Caterpillar and Boeing fell more than 2 percent in extended trading.
Cohn, former Goldman Sachs president and COO, was seen as supporting more business-friendly policies, so his resignation was especially jarring in the wake of President Donald Trump’s surprise announcement of tariffs on steel and aluminum imports on Thursday.
The SPDR S&P 500 ETF Trust (SPY) fell roughly 1 percent in premarket trading.
This article was posted: Wednesday, March 7, 2018 at 8:07 am