Early indications from U.S. futures prices suggest significant declines for the Dow Jones Industrial Average at the opening bell, with the benchmark poised for a 100 point decline, the equivalent about 0.6%. Similar percentage declines are also priced in for the broader S&P 500 and the Nasdaq.
The market reaction followed a report from the New York Times that the President had asked his former FBI Director James Comey to drop and investigation into Michael Flynn, his former National Security Advisor, relating to alleged ties with Russia. That allegation came shortly after the revelation that Trump had shared sensitive intelligence details related to Islamic State with Russia Foreign Minister during a visit to the White House earlier this year.
The U.S. dollar slumped to levels last seen in the immediate aftermath of Trump's surprise victory in November in overnight Asia trade, falling to as low as 97.29 against a basket of its global peers before recovering to around 97.80 in European dealing.
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