Dow rises 100 points after solid bank earnings, tame inflation data: Live updates

Stocks were taken on a wild ride Wednesday as a White House official indicated to CNBC that President Donald Trump was moving closer to firing Jerome Powell from his post as Federal Reserve chairman, initially knocking down the S&P 500. The benchmark rebounded as Trump later denied the report, but traders still fear he could follow through.

The S&P 500 added 0.1% after losing as much as 0.6% earlier in the session. The Nasdaq Composite gained 0.1% after briefly dropping as much as 0.8%. The Dow Jones Industrial Average added 113 points, or 0.3%. The 30-stock index had earlier fallen 264.31 points, or 0.6%.

A senior White House official that Trump said to Republican lawmakers that he “likely will soon” remove Powell as Fed chair. Separately, the New York Times reported that Trump has gone so far to draft a letter for firing Powell and showed it to lawmakers during that meeting.

However, Trump soon after downplayed the reports, saying it is “highly unlikely” he will fire Powell in the near future. “No, we’re not planning on doing it,” Trump said, adding that he does not “rule out anything.”

For weeks, Trump has been pushing for Powell’s ouster, calling for the Fed to lower rates substantially. On Tuesday, he said the Fed should cut rates by 3 percentage points.

But Powell earlier this month confirmed that the central bank would have already eased monetary policy were it not for tariffs imposed by the Trump administration. “In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said.

“The markets would not like it if Powell was fired,” said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. “It’s obviously a political hotbed … but overall, most of the big market participants that I know of think Powell has done a very good job.”

Separately, new data this week led to concerns about persistent inflation and the impact of Trump’s tariffs on the U.S. economy. The consumer price index released Tuesday increased in June from May levels. And while a separateWednesday report on wholesale prices showed no change month over month, the data “is not as promising when you look under the surface,” said Marc Balcer, director of investment strategy at Girard.

“It’s important to note that PPI does not include the direct impact of tariffs, meaning the $27 billion in tariff revenue collected in June will have to be absorbed by foreign manufacturers, domestic corporations or, ultimately, the consumer,” Balcer said.

Bank earnings continued for a second day on Tuesday. Despite posting better-than-expected earnings results, shares of Bank of America, Goldman Sachs and Morgan Stanley each traded lower.

VanEck Semiconductor ETF on track to snap its seven-week win streak, led by ASML losses

The VanEck Semiconductor ETF is turning negative on the week, down 0.6% so far and on track to break a seven-week win streak. That would mark the chip ETF’s longest run of weekly gains since an eight-week rally that ended in March 2019.

ASML is leading the fund lower on Wednesday and this week, as the chipmaker tracks for its worst day since October 15, 2024 and its worst week since April. ASML said it cannot confirm whether it will grow in 2026, even as the company exceeded expectations on top and bottom lines for the second quarter. Shares were down roughly 9.5% on Wednesday during midday trading, bringing its week to date loss at roughly 7%.

Other semiconductor stocks in the red this week are Micron Technology, Marvell Technology, Monolithic Power Systems, Teradyne and NXP Semiconductor.

Nvidia shares also edged slightly lower on Wednesday after hitting an all-time high in the previous session. The AI giant remains on pace for its eighth straight weekly gain for the first time since June 2024, as its week to date gain sits at about 3.4%. Advanced Micro Devices is also tracking for a strong second weekly gain with a boost of more than 5% this week.

— Pia Singh, Nick Wells

Stocks making the biggest moves midday

• Morgan Stanley — Shares fell 3.6% despite the financial institution beating second-quarter estimates. Morgan Stanley earned $2.13 per share and saw $16.79 billion in revenue, while analysts anticipated earnings of $1.96 a share and $16.07 billion in revenue, per LSEG.
• Johnson & Johnson — Shares of the pharmaceutical giant rose more than 6% after second-quarter results beat estimates. Johnson & Johnson earned $2.77 per share after adjustments on $23.74 billion of revenue. Analysts surveyed by LSEG were looking for a profit of $2.68 per share and revenue of $22.84 billion. The company also raised its full-year guidance for several metrics, including adjusted earnings.
• Ford – The stock shed 3% after the National Highway Traffic Safety Administration said Ford is recalling nearly 700,000 crossover SUVs. The potential for a fuel leak in the vehicles may increase the risk of a fire, the NHTSA said.

Read the full list here.

— Christina Cheddar-Berk, Alex Harring

Trump denies that he plans to fire Powell

President Donald Trump denied reports that he was planning on firing Federal Reserve chief Jerome Powell.

“I don’t rule out anything but it’s highly unlikely,” Trump said, referring to the possibility of removing the Fed chief. “No, we’re not planning on doing it,” he also said.

Trump has repeatedly attacked Powell for not lowering its key borrowing rate. Most recently, they have blasted Powell over renovations to the Fed’s Washington headquarters, raising suspicion that Trump could try to remove the Fed leader for cause.

“People wanting to get a mortgage, people want to buy a house. He’s a terrible Fed chair,” Trump said. “I think it’s highly unlikely, unless he has to leave. Fraud is possible. There’s fraud involved with the $2.7 billion renovation. Is a renovation.”

— Yun Li

Trump ‘likely’ to fire Fed’s Powell ‘soon,’ senior White House official says

President Donald Trump told Republican lawmakers that he will fire Federal Reserve Chairman Jerome Powell, after receiving approval from them to make the move, a senior White House official told CNBC.

“The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will soon,” the official said.

— Jesse Pound, Jeff Cox

Crypto rises as optimism pours back into Trump-backed crypto legislation

Cryptocurrencies rose Wednesday on optimism that Trump-supported pieces of crypto legislation will now advance, just one day after failing to receive approval from the House of Representatives.

President Donald Trump said in a social media post Tuesday night that several of the House Republicans who kept the GENIUS Act from advancing have changed their minds after a short White House meeting and will now vote to move the legislation forward.

Bitcoin was last higher by more than 2% at $119,172.00, while ether rose more than 5.5% to $3,225.74.  

Shares of stablecoin issuer Circle jumped 11% and crypto services firm Coinbase gained about 2%.

Ether treasury stocks continued their rally, led by BitMine, which surged more than 21% after Peter Thiel bought a stake in the company.

— Pia Singh, Tanaya Macheel

Johnson & Johnson tracks for best day in more than a year following earnings beat

Johnson & Johnson shares tracked for their best day in more than a year on Wednesday after delivering strong earnings for the second quarter.

The pharmaceutical stock added around 4.5% as of shortly after 10 a.m. ET. If that holds through session close, it would mark the stock’s biggest one-day gain since May 1, 2024, when shares jumped 4.6%.

Wednesday’s gain comes after the New Jersey-based company said it earned $2.77 per share after adjustments and $23.74 billion in revenue. That topped expectations for $2.68 a share and $22.84 billion in revenue from analysts polled by LSEG.

Johnson & Johnson also raised its full-year guidance for adjusted earnings. 

With Wednesday’s advance, the stock is up around 12% on the year.

— Alex Harring

Stocks open higher across the board

Shortly after 9:30 a.m. ET on Wednesday, the S&P 500 gained 0.3%, while the tech-heavy Nasdaq Composite added 0.2%. The Dow Jones Industrial Average jumped 142 points, or about 0.3%.

— Pia Singh

Market is seeing indicator for higher volatility, BTIG says

The S&P 500 has been repeatedly closing above its 20-day moving average — and that’s a bad omen for the market, according to BTIG.

This type of streak tied to the 20-day moving average has historically been followed by periods of heightened volatility, said Jonathan Krinsky, BTIG’s chief market technician. He said Tuesday’s market action bolsters that outlook.

— Alex Harring

Wholesale inflation remains flat in June

Wholesale inflation remained unchanged in June, giving equity futures a slight boost on Wednesday.

The producer price index was flat last month. Economists polled by Dow Jones expected PPI to have increased by 0.2% month on month.

Dow futures popped more than 100 points and reached their highs of the day.

— Fred Imbert

See the stocks moving before the bell

These are some of the stocks making notable moves in Wednesday’s premarket:

• ASML — Shares dropped 7% after the semiconductor company warned it may see no growth in 2026, citing macroeconomics and geopolitics.
• Goldman Sachs — The well-known bank’s stock advanced 1.5% after second-quarter earnings surpassed Wall Street predictions on both lines.
• Johnson & Johnson — Shares of the pharmaceutical giant rose more than 2% after second-quarter results beat analyst estimates.

Click here for the full list.

— Alex Harring

Goldman earnings beat expectations thanks to strong trading revenue

Goldman Sachs’ trading business propelled the bank to a second-quarter earnings beat.

The bank posted a profit of $10.91 per share on revenue of $14.58 billion. Analysts polled by LSEG expected earnings of $9.53 per share on revenue of $13.47 billion.

Goldman’s trading operations generated more than $7.7 billion in revenue, beating the FactSet consensus by $840 million.

Shares rose more than 1% in the premarket following the release.

ASML shares drop on weak guidance

Shares of ASML fell more than 6% in the premarket after the semiconductor equipment maker issued disappointing quarterly and full-year guidance that overshadowed an earnings beat.

The company expects third-quarter revenue to range between 7.4 billion euros and 7.9 billion euros, below a FactSet consensus of 8.3 billion euros. For the full year, AMSL narrowed its revenue outlook.

— Fred Imbert

Bank of America shares rise after earnings beat

Bank of America rose 1.2% after the banking giant posted better-than-expected earnings for the second quarter.

The bank earned 89 cents per share, while analysts polled by LSEG expected a profit of 86 cents per share. Revenue, however, came in slightly below estimates at $26.61 billion. Net interest income also missed expectation.

— Fred Imbert

J&J shares rise after earnings beat

Shares of Johnson & Johnson gained more than 1% after the pharmaceutical giant reported better-than-expected second-quarter earnings.

The company earned $2.77 per share, excluding certain items. That’s above an LSEG consensus estimate of $2.68 per share. Revenue of $23.74 billion was about in line with expectations.

— Fred Imbert

Danish official says 30% tariffs on EU ‘completely unacceptable’

Marie Bjerre, Denmark’s minister for European affairs, told CNBC that U.S. President Donald Trump’s plans to slap 30% tariffs on EU goods is “completely unacceptable.”

“It is certainly interesting times — now, President Trump announced that he will impose 30% tariffs on Europe, and I have to say that is completely unacceptable, that is unjustified,” she said in an interview with CNBC’s “Europe Early Edition.“

“Europe is a trading partner that you can rely on, that you can trust in, and we will go into negotiation with the U.S. in good faith – but we also know that Europe … having a single market with 450 million consumers, we are very attractive market, and therefore we also ready to defend our interests, and we are ready to come with countermeasures if required.”

When asked if the EU could reach a trade compromise with Washington before Trump’s Aug. 1 deadline, Bjerre said it was “very hard to say.”

“We keep being surprised about which [tariff rate] is now imposed on us,” she said. “It started [at] 10% then it was even more, then it was back to 10%, then it was suspended, and now it’s 30% – it is, I have to say, quite unreliable.”

— Chloe Taylor

European stocks open lower

The opening bell rang around 30 minutes ago, and European stocks are broadly trading in negative territory. Hot U.S. and U.K. inflation prints, concern about the regional semiconductor sector and a profit warning from Renault all weighed on sentiment.

The pan-European Stoxx 600 was last seen trading 0.2% lower, with sectors trading mixed. Among major bourses, France’s CAC index led losses with a 0.24% loss.

— Chloe Taylor

Trump says crypto regulation bills that failed to advance earlier now have the votes to move forward

President Donald Trump said Tuesday that a group of House Republicans who blocked several cryptocurrency regulation bills from moving forward earlier in the day had changed their minds following a White House meeting, and would now vote to advance the legislation.

“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” Trump wrote on Truth Social shortly before 9 p.m. ET.

Trump said that House Speaker Mike Johnson called into the meeting and “looks forward to taking the Vote as early as possible.”

It was a dramatic, quick rebound for the Trump-supported pieces of legislation, which just hours before had faced an uncertain path forward, after the bills failed to clear a key procedural hurdle.

Read the full story here.

— Erin Doherty

Shares of asset managers rise on WSJ report that Trump could pave the way for private market investments in 401(k)s

The Wall Street Journal, citing people familiar, reported Tuesday that the Trump administration is nearing an executive order that would make private market investments more readily available in 401(k) plans.

The Journal reported that this order would call on the Labor Department and Securities and Exchange Commission to provide employers and plan administrators with guidance on including these private assets.

Shares of asset managers that operate in the private market space advanced in extended trading, with Apollo Global adding 2% and KKR rising 1.7%.

—Jason Gewirtz, ‎Darla Mercado

Stocks making the biggest moves after hours

Check out some of the companies making headlines in extended trading.

• Global Payments — Shares of the financial technology company advanced roughly 5%. The movement came after a Financial Times report that said activist investor Elliott Management added to its stake in Global Payments.
• Hancock Whitney — The bank holding company slid more than 3% in extended trading. Adjusted earnings for the second quarter came in at $1.37 per share, falling short of the FactSet consensus estimate of $1.36 per share. Net interest income landed at $279.5 million, narrowly beating analysts’ call for $277.7 million.
• Omnicom Group — The marketing and sales stock gained more than 2% after second-quarter results surpassed analyst estimates on the top and bottom line. Omnicom reported earnings per share of $2.05, excluding items, on revenue of $4.02 billion. Analysts surveyed by FactSet were looking for $2.02 per share and $3.98 billion.

Read the full list here.

— Brian Evans

Stock futures are little changed

Stock futures were little changed on Tuesday evening, with investors awaiting fresh corporate earnings and inflation data.

Futures tied to the Dow Jones Industrial Average pulled back 47 points, or 0.1%, while S&P 500 futures dipped 0.1%. Nasdaq 100 futures slipped 0.1%.

— Brian Evans