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U.S. stocks closed higher on Wednesday, with the S&P 500 edging up after President Donald Trump denied reports suggesting he was preparing to fire Federal Reserve Chairman Jerome Powell.
At the close of trading, the Dow Jones Industrial Average rose by 231 points (0.5%), the S&P 500 gained 0.3%, and the Nasdaq Composite added 0.3%, ending at a new record high of 20,730.49.
Speaking to reporters, President Trump said he was “not planning anything” regarding Powell’s position, pushing back against earlier speculation that a dismissal was imminent. While denying the reports, Trump reiterated his dissatisfaction with Powell, criticizing the Fed for maintaining high interest rates and accusing the central bank of mismanaging an expensive renovation of its headquarters.
On the economic front, U.S. producer prices were unchanged in June, with the Producer Price Index (PPI) showing 0.0% growth month-over-month, slowing from 0.3% in May. On an annual basis, the PPI rose 2.3%, down from 2.7% in the previous month. Economists had expected a 0.2% monthly increase and 2.5% year-over-year growth.
The slowdown was attributed in part to a drop in travel accommodation prices, which helped offset rising costs in goods for final demand.
The inflation report follows Tuesday’s consumer price data, which showed headline inflation rising 2.7% year-over-year in June, above the 2.6% forecast and up from 2.4% in May. On a monthly basis, CPI rose 0.3%, in line with expectations.
The uptick in consumer inflation has raised concerns that the effects of Trump’s aggressive tariff policies are beginning to materialize.
Investors are also eyeing the upcoming release of the Federal Reserve’s Beige Book, a key economic report compiling anecdotal data from across the country. Analysts at Vital Knowledge noted the Beige Book’s heightened importance amid “stagflationary forces” characterized by sluggish growth and persistent price pressures, largely driven by trade uncertainty.
Tariff concerns remain front and center. On Tuesday night, Trump reaffirmed plans to impose 200% tariffs on pharmaceutical imports by month’s end, coinciding with the rollout of other trade measures. He also announced a new 19% tariff on Indonesian goods, part of a broader trade agreement with the Southeast Asian nation.
The administration continues to pursue additional deals, including framework agreements recently reached with the U.K., China, and Vietnam. A firm August 1 deadline for implementing the reciprocal tariffs remains in place after earlier delays sparked market volatility.
Quarterly earnings were also in focus. Major banks reported mixed results:
In other corporate news:
Crypto-related equities moved higher on hopes that two major stablecoin bills — the GENIUS Act and CLARITY Act — will advance in Congress this week. While both measures initially failed a House vote on Tuesday, optimism remains that they will ultimately pass.
Notable gainers included:
The bills are expected to pave the way for broader use of stablecoins and further crypto adoption in regulated financial markets.
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This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Some portions of this content may have been generated or assisted by artificial intelligence (AI) tools and been reviewed for accuracy and quality by our editorial team.
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