CLOSINGS: View Closings

Gary Cohn is out; Europe tariff response; Costco earnings

1. Gary Cohn is out: President Donald Trump's top economic adviser is leaving the White House, and h...

Posted: Mar 7, 2018 6:02 AM
Updated: Mar 7, 2018 6:02 AM

1. Gary Cohn is out: President Donald Trump's top economic adviser is leaving the White House, and his departure is sending shock waves through Wall Street.

Cohn, the former president of Goldman Sachs, was a moderating voice in Trump administration, helping to temper more aggressive views on economic policy and especially trade.

US stock futures were down about 1% on Wednesday.

Cohn had been trying in recent days to soften Trump's plan to impose tariffs on aluminum and steel, which many observers fear could spark a trade war.

Global markets also reacted badly to the resignation. European stocks dropped in early trading, with many key indexes down by about 0.5%. Losses exceeded 1% in some Asian markets.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

2. Europe responds: The European Commission will brief reporters on Wednesday on how it will respond to Trump's steel and aluminum tariffs.

Commission President Jean-Claude Juncker said last week that Harley-Davidson motorbikes and bourbon whiskey could be targeted.

It's also a big day for Brexit.

The European Union will also publish a draft proposal outlining plans for its future trading relationship with Britain. Separately, UK Treasury chief Philip Hammond will outline his view on the future of financial services.

3. Earnings and economics: Abercrombie & Fitch, Casey's General and Dollar Tree will release earnings before the open. Caesars Entertainment, Costco and Rosetta Stone will follow after the close.

The US Census Bureau will publish January trade balance data at 8:30 a.m. ET. The Federal Reserve will release its Beige Book at 2 p.m., giving an overview of economic performance across the country.

4. Stock market movers -- Autodesk, H&R Block, Rolls-Royce: Shares in Autodesk and H&R Block surged in extended trading after reporting better-than-expected quarterly results.

Shares in industrial conglomerate Rolls-Royce jumped by 14% in London after the company released its annual results.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

5. Coming this week:

Wednesday - Costco, Dollar Tree earnings
Thursday -
Kroger earnings; Trans-Pacific Partnership Agreement set to be signed in Santiago de Chile
Friday - US monthly jobs report

St. Joseph
67° wxIcon
Hi: 78° Lo: 68°
Feels Like: 67°
Partly Cloudy
66° wxIcon
Hi: 79° Lo: 69°
Feels Like: 66°
67° wxIcon
Hi: 78° Lo: 67°
Feels Like: 67°
Partly Cloudy
68° wxIcon
Hi: 78° Lo: 67°
Feels Like: 68°
69° wxIcon
Hi: 78° Lo: 68°
Feels Like: 69°
A cold front moved through last night, giving us thunderstorms but left us with a significant cool down from the heat we've had the past couple of weeks. Today we saw a few light showers and temperatures in the low 80s for our high. Tonight should be cool as well with lows in the lower 60s and calm winds. Dry and sunny conditions continue into next week as temperatures stay seasonal. Highs look to stay in the 80s until midweek and the humidity will be moderate, feeling a lot more comfortable than last week. Scattered showers and storms will continue off and on mainly through the morning and afternoon hours on Saturday. Temperatures will be much cooler on Saturday with highs in the mid 80s. Dry and sunny conditions will take over on Sunday and continue into next week as temperatures stay seasonal.
KQTV Radar
KQTV Temperatures
KQTV Alerts

Community Events