MARKET SNAPSHOT: U.S. Stock Futures Slide As Concerns Over Trump Grow

By Barbara Kollmeyer, MarketWatch Features Dow Jones Newswires

Haven assets such as gold rise

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U.S. stock futures fell on Wednesday as doubts grew over whether U.S. President Donald Trump can push forward with his pro-growth agenda.

Weakness for equities, seen in Asia as well, came after The New York Times reported that Trump asked former Federal Bureau of Investigation Director James Comey to stop his investigation (http://www.marketwatch.com/story/trump-asked-comey-to-drop-flynn-investigation-report-2017-05-16) into former National Security Adviser Michael Flynn, citing a memo from Comey.

Dow Jones Industrial Average futures fell 114 points, or 0.5%, to 20,821, while S&P 500 futures dropped 14.85 points, or 0.6%, to 2,382.50. Nasdaq-100 futures lost 27.75 points, or 0.5%, to 5,696.50.

Perceived haven assets rose, with gold up $7.40, or 0.6%, to $1,243.70 an ounce, and with the Japanese yen rising. The dollar bought Yen112.31, from Yen113.12 late Tuesday.

The dollar overall slumped Tuesday against major rivals, with the ICE Dollar Index dropping to its lowest level since the day after the U.S. presidential election. The dollar index weakened further to 97.922 on Wednesday.

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"What investors are worried about is that the impeachment could take place over in the U.S., as the odds are showing more than 50 percent for such an event after the New York Times released its article," said Naeem Aslam, chief market analyst at Think Markets. "If such scenario does become a reality, we could literally say good bye to Trump's reflation trade."

(END) Dow Jones Newswires

May 17, 2017 03:10 ET (07:10 GMT)