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Stocks slipped from their highest level of the day as several CEOs announced they were leaving President Donald Trump’s manufacturing council over his response to the Charlottesville protests.
Here’s the scoreboard:
- Dow: 22,024.87, +25.88, (0.12%) S&P 500: 2,468.11, +3.50, (0.14%) Nasdaq: 6,345.11, +12.10, (0.19%)
Trump tweeted he was disbanding his two business councils amid an exodus of members. The chief executives of 3M, Campbell Soup, Johnson & Johnson and Corning and GE’s chairman all left the manufacturing council on Wednesday. JPMorgan CEO Jamie Dimon said he strongly disagreed with Trump’s reaction to the events in Charlottesville. Dimon also said that Trump’s statement during Tuesday’s press conference, which placed blame on “both sides,” was unacceptable. Larry Fink, CEO of BlackRock, the world’s largest investor, said in a staff memo: “Unfortunately, after the last few days, I concluded that I could no longer in good conscience participate in the forum. The events that occurred in Charlottesville, as I said on Monday, are nothing short of domestic terrorism.”Most Federal Reserve officials support a move towards unwinding the Fed’s massive balance sheet at “an upcoming meeting,” according to minutes of the July policy meeting.The Fed’s next meeting is scheduled for September 19-20.