Nasdaq turns positive as tech shares rise

The Nasdaq composite rose on Wednesday, erasing earlier losses, as tech stocks rose.

The tech-heavy index traded just above the flatline as shares of Facebook and Amazon rose. It also received a boost from biotechnology stocks, as the iShares Nasdaq Biotechnology ETF (IBB) gained 0.3 percent.

The Dow Jones industrial average also traded off session lows, holding 93 points lower after opening more than 300 points lower. The S&P 500 declined 0.3 percent, with utilities as the worst-performing sector. The indexes fell on news that Gary Cohn was resigning as President Trump's chief economic advisor.

Cohn, the free trade advocate and former president at Goldman Sachs, chose to step down from his position after Trump announced that he would impose tariffs on steel and aluminum imports. Cohn's departure date is expected to come in the following weeks.

Investors were on edge following the announcement as Cohn is seen as someone who supports more business-friendly policies, and therefore is seen as well-liked by Wall Street. Cohn was also seen as a voice of reason in a White House that is seemingly in constant turmoil and he opposed the implementation of tariffs. His departure raised concerns that a trade war could take place in the near future.

"His departure has caught investors off guard," said Alec Young, managing director of global market research at FTSE Russell. "Cohn was against tariffs, so investors are assuming his departure reflects the presidents desire to forge ahead with his tariff agenda despite opposition from Republican Congressional leadership."

Shares of big metal users like General Motors and Boeing fell on the back of the announcement. Both stocks fell about 1 percent in early trade. Caterpillar also fell more than 1 percent.

In economic news, ADP and Moody's Analytics said private-sector jobs grew by 235,000 in February, surpassing an estimate of 195,000. The report is seen as a preview to the Bureau of Labor Statistics' monthly jobs report, which is scheduled to be released Friday.

The Federal Reserve's latest Beige Book is set to be published at 2 p.m. ET.

In corporate news, Shares of H&R Block rose nearly 13 percent after the company reported a smaller-than-expected loss for the previous quarter. The company said in a release it had a "strong tax season."

Meanwhile, design software maker Autodesk posted a smaller-than-expected quarterly loss, sending its stock surging by 9.2 percent.

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