Markets

Wall Street Opens Sharply Lower as Cohn Resignation Sparks Trade Jitters

US stocks opened sharply lower Wednesday, mirroring similar declines in global markets, 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 0.26%, while US West Texas Intermediate crude was down 0.40% 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, the US trade deficit widened to $56.6 billion in January from the prior month's $53.9 billion revised level and also came in wider than the $55.1 billion deficit seen by forecasters. The second Q4 reading for non-farm productivity came in flat vs expectations for a 0.1% decline.

At 3 pm, consumer credit is seen rising $17.4 billion in January versus an $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 8.6% higher after the company reported Q4 results that topped analysts' estimates.

U.S. Market INDICATORS

-Dow Jones Industrial down 0.6%

-S&P 500 up 0.3%

-Nasdaq 100 down 0.4%

GLOBAL SENTIMENT

Nikkei down 0.77%

Hang Seng down 1.03%

Shanghai Composite down 0.55%

FTSE-100 up 0.20%

DAX-30 up 0.57%

UPSIDE MOVERS

(+) PK (+1.3%) Prices upsized secondary offering of 34.5 million shares

(+) APTO (+12%) Enters into exclusive licensing deal for dual BET/kinase targeting program with OHM Oncology

(+) AYTU (+7.4%) Gets market regitsration for MiOXYS system for male infertility in Mexico

DOWNSIDE MOVERS

(-) DLTR (-11.3%) Q4 results miss Street estimates

(-) CVNA (-13.9%) Q4 revenue trails Street view

(-) WTW (-3.3%) Oprah reportedly sells part of her stake in co.

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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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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