FX.co ★ US Equities Bounce Back

U.S. stocks experienced a slight uptick on Wednesday afternoon following President Trump's statements refuting the intent to dismiss Federal Reserve Chair Jerome Powell, though he did not completely rule out the possibility. The S&P 500 experienced a 0.2% increase, recovering from previous declines, while the Dow Jones Industrial Average gained 150 points and the Nasdaq 100 increased by 0.1%. Initially, markets experienced a downturn due to reports suggesting Trump was contemplating Powell's removal, intensifying concerns already present due to persistent inflation and trade tensions. The Producer Price Index remained unchanged for June, providing some relief after an unexpectedly high Consumer Price Index report on Tuesday, which revealed the fastest annual inflation rate since February. On the earnings front, Bank of America saw a decrease of 0.7% following revenue reports below expectations, while Morgan Stanley dropped 3% despite strong performance results. Conversely, Goldman Sachs saw a 0.6% rise due to reporting significantly strong profits. Johnson & Johnson almost reached a 6% surge after it surpassed estimates and raised its full-year forecast.