US stocks drop as Trump woes hit sentiment

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US President Donald Trump.Picture: AFP

The White House, already reeling over a number of controversies, denied that Trump pressured former FBI chief James Comey to stop a probe into ex-national security advisor Michael Flynn over contacts with Russia.

But US stocks were firmly lower early Wednesday, a recognition that “lawmakers and legal experts are saying this may qualify for obstruction of justice, which is considered an impeachable offense,” said Briefing.com.

Even with Wednesday’s early losses, US stocks remain at lofty levels as a better-than-expected earnings season winds down.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 20,818.40, up 0.8 percent.

The broad-based S&P 500 dropped 0.7 percent to 2,383.56, while the tech-rich Nasdaq Composite Index shed 0.8 percent to 6,120.14, retreating from Tuesday’s record.

Target jumped 3.5 percent after reporting a 7.7 percent increase in first-quarter earnings to $681 million in results that bested analyst expectations.

Ford fell 0.6 percent as it announced plans to cut 1,400 jobs in North America and Asia as part of a cost-cutting drive.

-AFP

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