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Photo by BRYAN R. SMITH/AFP/Getty Images

The Dow dropped sharply Wednesday morning in the first market open since President Trump's chief economic adviser, Gary Cohn, announced his resignation after losing his battle against tariffs.

Why it matters: Investors see Cohn as a pro-business, free trade advocate who helped pass significant tax cuts late last year. His departure from the White House means there are now "zero powerful West Wing voices willing to spend all their political capital to persuade the president to kill these tariffs," per Axios' Jonathan Swan.

Below, we'll be tracking the Dow's movements throughout the day:

  • 10:05am: 24,722.16 (down 162 points)
  • 11:00am: 24,788.53 (down 96 points)
  • 12:02am: 24,603.59 (down 280 points)
  • 2:12pm: 24,678.54 (down 206 points)
  • 3:41pm: 24,826.94 (down 57 points)

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.