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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 4:02 AM
Updated: Mar 7, 2018 4:02 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.

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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.

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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

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 318761

Reported Deaths: 7027
CountyConfirmedDeaths
Los Angeles1303943795
Riverside24765537
Orange23901421
San Diego19371422
San Bernardino18912304
Fresno790687
Imperial7827135
Alameda7725148
Kern633997
San Joaquin627968
Santa Clara5983166
Tulare5678152
Sacramento533981
Stanislaus463351
Contra Costa460589
San Francisco442650
Ventura424653
San Mateo3949112
Santa Barbara393131
Marin343430
Kings289839
Monterey254018
Solano207528
Merced188412
Sonoma165014
Placer105511
San Luis Obispo9054
Madera8938
Yolo83928
Santa Cruz5683
Napa4774
Sutter3724
Butte3384
San Benito3362
El Dorado3070
Lassen2750
Shasta1876
Yuba1803
Humboldt1654
Glenn1640
Nevada1631
Colusa1130
Mendocino1130
Lake1081
Tehama1041
Calaveras670
Tuolumne640
Del Norte600
Mono501
Siskiyou410
Amador400
Inyo341
Mariposa311
Plumas170
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
Clear
91° wxIcon
Hi: 103° Lo: 68°
Feels Like: 91°
Oroville
Clear
93° wxIcon
Hi: 105° Lo: 68°
Feels Like: 93°
Paradise
Clear
91° wxIcon
Hi: 97° Lo: 69°
Feels Like: 91°
Chester
Clear
80° wxIcon
Hi: 87° Lo: 57°
Feels Like: 80°
Red Bluff
Clear
97° wxIcon
Hi: 105° Lo: 71°
Feels Like: 97°
Willows
Clear
91° wxIcon
Hi: 107° Lo: 65°
Feels Like: 91°
There is a Red Flag Warning in Modoc county today and tomorrow with temperatures getting as hot as 110 degrees for some in the Valley by Wednesday.
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