U.S. stock futures were poised to open sharply lower early Wednesday, in a move sparked late Tuesday by the resignation of Gary Cohn, the head of President Donald Trump’s National Economic Council.
Futures for the major gauges were much lower, but were paring earlier losses logged in the wake of the Cohn news.
Dow Jones Industrial Average futures were down 323 points, or 1.3%, to 24,530, after being down by more than 400 points. S&P 500 futures dropped 27.40 points, or 1%, to 2,696.50, while Nasdaq-100 tumbled 66.75 points, or 1%, to 6,841.
Losses of that magnitude would erase Dow’s year-to-date gain. On Tuesday, the Dow, S&P 500 and Nasdaq Composite closed moderately higher.