Morning Brief

The Dow is set to open down triple digits after Trump advsior Gary Cohn resigns

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BY THE NUMBERS

U.S. stock futures were sharply lower this morning, following news that White House economic advisor Gary Cohn is resigning. Markets ended Tuesday in the green after swinging between positive and negative territory throughout the session. (CNBC)

Total mortgage application volume was essentially flat last week, up just 0.3 percent on a seasonally adjusted basis, Mortgage Bankers Association data showed this morning. Volume was 5 percent lower than the same week one year ago. (CNBC)

Also on the data front, ADP employment is due out at 8:15 a.m. ET, followed by international trade and productivity & costs data at 8:30 a.m. ET. Additionally, the Federal Reserve's latest Beige Book is set to be published at 2 p.m. ET. (CNBC)

Atlanta Fed President Raphael Bostic will be in Fort Lauderdale, Florida, speaking at a Broward Workshop event at 8 a.m. ET. At the same time, New York Fed President William Dudley will be in Puerto Rico where he is expected to talk about restoration efforts. (CNBC)

IN THE NEWS TODAY

Gary Cohn's departure date from the White House will come in a few weeks. The former Goldman Sachs president and free trade advocate clashed with President Donald Trump's advisors on tariffs of 25 percent on imported steel and 10 percent on aluminum. (CNBC)

* With Cohn gone, Peter Navarro is unleashed at White House (CNBC)
* How Trump's trade war finally broke Gary Cohn (Politico)

The European Union revealed proposed steps against Trump tariffs, adding "we have serious doubt about that justification" and "we cannot see how the European Union, friends and allies in NATO, can be a threat to national security in the U.S." (CNBC)

Another snowy, blowy nor'easter threatened a new round of power outages as it swirled ashore early this morning, causing officials to close schools and city offices and raising concerns for utility customers still trying to bounce back from an earlier storm. (AP)

* Nor'easter: 1,700+ flights already canceled through Thursday; more likely (USA Today)

Jared Kushner, President Trump's son-in-law and senior advisor, will visit Mexico today and meet President Enrique Pena Nieto, amid strained relations over trade and Trump's demands that Mexico pay for a border wall. (Reuters)

Adult film star Stormy Daniels, whose real name is Stephanie Clifford, has filed a civil lawsuit against Donald Trump alleging that a nondisclosure agreement she signed before the election with the president's attorney is invalid, NBC News reports.

Democrats in deep-red Texas turned out yesterday in the largest numbers in more than two decades for a midterm primary election. Additionally, women candidates were propelled toward challenges to entrenched male Republicans in Congress. (AP)

Popular online exchange Coinbase is releasing a weighted index fund for cryptocurrencies, much like how the Dow Jones industrial average is a basket of 30 stocks that give a sense of the American economy. (CNBC)

STOCKS TO WATCH

CVS Health (CVS) sold $40 billion of bonds Tuesday to help pay for its acquisition of health insurer Aetna (AET), according to the Wall Street Journal. CVS was seeking to get ahead of an expected rise in interest rates and a flood of borrowing across the economy, the Journal added.

BlackBerry (BB) announced it is suing Facebook (FB) for patent infringement, alleging many of the features of Facebook's messaging services infringe on BlackBerry patents. The company is seeking injunctive relief and damages accounting for lost profits.

Oprah Winfrey has sold some of her stake in New York-based Weight Watchers (WTW), according to an SEC filing. The billionaire said the move is aimed at balancing her investments and has nothing to do with the company.

Coca-Cola (KO) announced it's planning to produce an alcoholic drink for the first time in its history. The company didn't offer many details about the drink, which will be released in Japan. But the drink maker has been experimenting with the creation of a popular type of Japanese alcopop called Chu-Hi.

WATERCOOLER

Disney (DIS) will be facing off against itself at the North American box office this coming weekend as "A Wrinkle in Time" opens against Marvel's box office success "Black Panther." "Wrinkle" is projected to have an opening weekend of $30 to $38 million. (Variety)