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

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.