Stocks Opened Sharply Lower amid Trump Turmoil

U.S. stocks opened sharply lower on Wednesday as renewed political turmoil in Washington cast doubt on whether U.S. President Donald Trump can push forward with his pro-growth agenda. The Dow Jones Industrial Average lately shed 174.89 points, or 0.83%, to 20,804.86. The S&P 500 slumped 18.32 points, or 0.76%, to 2,382.35. The Nasdaq Composite lost 51.52 points, or 0.84%, to 6,118.35.

Oil prices strengthened on Wednesday ahead of U.S. crude inventory data that could give investors a clue as to whether an OPEC-led output cut is making progress in reducing the persistent global supply overhang. Brent crude was up 33 cents at $51.98 per barrel by 1100 GMT. U.S. light crude rose 18 cents to $48.84.

Ford Motor Co (F) said on Wednesday it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives as the No. 2 U.S. automaker looks to boost its sagging stock price.

Target Corp.’s turnaround plan gained some much-needed momentum as its latest sales beat estimates, bucking the trend of gloomy results from bellwether U.S. retailers. Though same-store sales fell 1.3 percent in the first quarter, that was better than analysts’ prediction for a 3.6 percent drop. Earnings amounted to $1.21 a share in the period, which ended April 29, compared with an average analyst estimate of 91 cents.