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Karee Venema

Stock Market Today: Powell Rumors Spark Volatile Day for Stocks

Jerome Powell Donald Trump US Federal Reserve ASML Bill Adams Christophe Fouquet David Wagner TradingView

Orange bars and blue and green moving averages superimposed over a ticker board.

Stocks hit their session lows late morning Wednesday after several news outlets indicated President Donald Trump is seriously considering firing Federal Reserve Chair Jerome Powell. The main indexes quickly stabilized, though, as Trump denied the reports.

The main indexes opened with comfortable gains thanks to encouraging inflation data. According to the Bureau of Labor Statistics, the Producer Price Index (PPI), which measures what businesses are paying suppliers for goods, was unchanged from May to June. Year over year, wholesale prices were up 2.3%.

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‘Not exactly his favorite senator’: Susan Collins distances herself from Trump in Maine debate

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One subscription that gives you access to news from hundreds of sites

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