Stock market on track for worst daily tumble in 8 months, as Trump worries rattle Wall Street – MarketWatch

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The U.S. stock market Wednesday was on pace to log its worst daily decline in eight months, as concerns about President Donald Trump’s FBI controversy weighed on investor sentiment. The Dow Jones Industrial Average dropped 1.5% at 20,670, and at its lows was on pace for its sharpest decline since Sept. 9, 2016, according to FactSet data. The S&P 500 index SPX, -1.56% was off 1.5% at 2,366, on track for its worst daily drop since Sept. 13. Meanwhile, the technology-laden Nasdaq Composite Index was down 2% at 6,045, putting it on pace to suffer its steepest one-day fall since Sept. 9. The downdraft comes on a so-called risk-off day for Wall Street, with haven assets like the 10-year Treasury note [BX: TMUBMUSD10Y] drawing bidders and pushing yields, which move inversely to price, firmly lower. The 10-year Treasury note was off 10 basis points at 2.22%, and gold futures GCM7, +1.77% another flight-to-safety security, settled sharply higher at $1,258.70 an ounce, representing its highest level in May. Weakness came after the New York Times late Tuesday reported that Trump in February asked the then–director of the Federal Bureau of Investigation, James Comey, to stop his investigation into former national-security adviser Michael Flynn. The report cited a memo from Comey. That has raised questions about the president’s ability to pursue the pro-market policies whose prospects for implementation have driven stocks to record levels.