Wall Street digested a surprisingly cool wholesale inflation reading and more big bank earnings, with one eye on Trump's latest tariff moves.

President Donald Trump sent the U.S. stock market on a jagged round trip Wednesday after saying he had “talked about the concept of firing” the head of the Federal Reserve. Such a move could help Wall Street get the lower interest rates it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep

Wall Street benchmarks closed modestly higher on Wednesday, with the Nasdaq Composite achieving its latest record finish, despite a chaotic half hour when news reports suggested U.S. President Donald Trump was set to fire Federal Reserve Chair Jerome Powell.

The New York Times said Trump waved a draft letter firing Powell at an Oval Office meeting late Tuesday. Trump had gathered a group of Republicans that had blocked a procedural vote that would have advanced crypto legislation, to convince them to let the legislation advance. Odds of Powell being fired surged to 40% on prediction market Kalshi.

Profits at Goldman Sachs rose by more than a fifth in the second quarter to £2.8bn as equity traders put in a record performance.

Trump’s tariffs and the trade war continue to roil global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

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Wall Street braced for another inflation checkup after Tuesday's consumer price reading spurred traders to pare bets on Fed rate cuts in the coming months.

Several Wall Street investment banks and research organizations have recently lifted their year-end targets for the S&P 500. Bank of America and Goldman Sachs upwardly revised their outlooks in July, following Barclay, Citigroup, and Deutsche Bank, all of which raised their outlooks in June.

PepsiCo (NASDAQ:PEP) is scheduled to announce Q2 earnings results on Thursday, July 17th, before market open. Wall Street, on average, expects the soda and snacks giant's giant to post a quarterly EPS of $2.