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Dow futures tumble after Gary Cohn suddenly quits White House

Gary Cohn's sudden resignation as President Trump's top economic adviser is already rattling Wall Street.Dow f...

Posted: Mar 7, 2018 5:41 AM
Updated: Mar 7, 2018 5:41 AM

Gary Cohn's sudden resignation as President Trump's top economic adviser is already rattling Wall Street.

Dow futures fell more than 300 points on Tuesday evening after Cohn announced plans to step down amid a disagreement with Trump over trade policy. S&P 500 futures slid more than 1%.

The negative reaction underlines how investors have long been reassured by Cohn's presence in the Trump administration. Many believed the former Goldman Sachs president was a moderating voice to Trump's more aggressive views on economic policy, especially trade.

"The market looked at Gary Cohn as being the counterbalance to a pure strain of nationalism on tariffs and trade," said Peter Kenny, chief global market strategist at Global Markets Advisory Group.

Cohn's exit from the White House also signals he may have lost a bruising fight with rivals inside the administration on tariffs. Cohn had been trying to soften Trump's plan to impose tariffs on aluminum and steel that some Republicans and business executives fear could spark a trade war.

Related: Trump's tariffs could ricochet in coal country

Trump's tariff announcement last week spooked Wall Street, which began to worry about a potential trade war. The markets bounced back on Monday, when investors thought that House Speaker Paul Ryan and others would succeed in softening Trump's stance on tariffs.

"This trade issue really strikes fear into the market because it's an unknown," said Kenny. "It's a variable markets will have difficulty pricing in."

Major stock indexes in Asia reacted less severely than their US counterparts. After swinging between small gains and losses Wednesday morning, Japan's Nikkei and Hong Kong's Hang Seng were both down about 0.9% in early afternoon trading.

In his statement on Tuesday, Cohn said it's been an "honor to serve my country and enact pro-growth economic policies to benefit the American people."

Lloyd Blankfein, the CEO of Goldman Sachs, sent out a tweet on Tuesday crediting Cohn for his service and saying he is "disappointed to see him leave."

-- Jethro Mullen contributed to this report.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 751242

Reported Deaths: 13795
CountyCasesDeaths
Marion1032931788
Lake556911009
Allen41692692
St. Joseph36990565
Hamilton36588417
Elkhart29398461
Tippecanoe22901226
Vanderburgh22556400
Porter19356325
Johnson18471389
Hendricks17682317
Clark13226195
Madison13149344
Vigo12614253
LaPorte12419221
Monroe12207176
Delaware10966198
Howard10321225
Kosciusko9630121
Hancock8576146
Bartholomew8169157
Warrick7860156
Floyd7811180
Grant7242179
Wayne7162201
Boone6966103
Morgan6761141
Dubois6218118
Marshall6209116
Cass6016110
Henry5900110
Dearborn589878
Noble581488
Jackson509076
Shelby501496
Lawrence4742122
Gibson444894
Clinton442355
Harrison441875
DeKalb439885
Montgomery438090
Whitley406543
Huntington402681
Steuben400159
Miami395269
Jasper388054
Knox375991
Putnam372960
Wabash361983
Ripley347170
Adams345555
Jefferson335886
White331953
Daviess3033100
Wells295281
Decatur289992
Greene286885
Fayette284864
Posey273835
LaGrange273072
Scott270156
Clay267148
Washington246036
Randolph244783
Jennings235349
Spencer234531
Starke228058
Fountain220948
Sullivan214643
Owen211858
Fulton202942
Jay200932
Carroll193620
Orange188255
Perry187237
Rush175926
Vermillion174844
Franklin170335
Tipton166246
Parke149416
Pike138234
Blackford136232
Pulaski120647
Newton113936
Brown104243
Crawford102516
Benton101714
Martin91715
Warren84015
Switzerland8148
Union72810
Ohio57911
Unassigned0420

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1108736

Reported Deaths: 20166
CountyCasesDeaths
Franklin1287201467
Cuyahoga1157922211
Hamilton813971250
Montgomery525481043
Summit484271001
Lucas43353820
Butler39013606
Stark33332929
Lorain25672505
Warren24591303
Mahoning22370603
Lake21207388
Clermont20117253
Delaware18852136
Licking16662222
Fairfield16574204
Trumbull16548482
Medina15610271
Greene15281248
Clark14237306
Wood13292200
Portage13251215
Allen11913239
Richland11605211
Miami10849225
Wayne9141223
Columbiana9032230
Muskingum8906135
Pickaway8663122
Tuscarawas8649250
Marion8642138
Erie8056165
Ashtabula7160179
Hancock6998132
Ross6944161
Geauga6838151
Scioto6534106
Belmont6157174
Union584549
Lawrence5731102
Jefferson5678158
Huron5546122
Sandusky5442126
Darke5420129
Seneca5348128
Washington5319109
Athens523960
Auglaize502187
Mercer487385
Shelby476895
Knox4571112
Madison444266
Ashland435797
Putnam4336103
Defiance432399
Fulton432074
Crawford4037110
Brown402461
Logan387677
Preble3855105
Clinton379166
Ottawa373681
Highland359665
Williams348278
Champaign344759
Guernsey324953
Jackson318254
Perry297350
Morrow291840
Fayette285450
Hardin275265
Henry273467
Holmes2701101
Coshocton269060
Van Wert247264
Adams243256
Pike242835
Gallia240650
Wyandot234556
Hocking220563
Carroll197348
Paulding176542
Meigs148440
Monroe136344
Noble136239
Harrison114138
Morgan109624
Vinton85517
Unassigned03
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