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US Futures Slump as Cohn Resignation Sparks Trade Jitters

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US stock futures were sharply lower on Wednesday, mirroring similar declines in global markers, as investors fretted after the resignation of the White House's chief economic adviser, Gary Cohn.

Oil prices nudged lower with global benchmark Brent Crude down 0.47%, while US crude West Texas Intermediate was down 0.51% recently ahead of the release of weekly data on US crude stockpiles

Data released at 8:15 am showed the ADP employment report of 235,000 in February as compared to the 205,000 estimate and prior month's 234,000, according to data compiled by Econoday.

At 8:30 am, forecasters see trade deficit widening to $55.1 billion in January from prior month's $53.1 billion level. The second Q4 reading for non-farm productivity is expected to show a 0.1% decline.

At 3 pm, consumer credit is seen rising $17.4 billion in January vs $18.4 billion gain in December.

Federal Reserve Presidents William Dudley and Raphael Bostic were scheduled to speak.

In equities, shares of Momo ( MOMO ) were 6.8% higher pre-bell after the company reported Q4 results that topped analysts' estimates.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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