US stock futures wobbled late Wednesday, as Wall Street navigated a fresh round of drama over whether President Trump would attempt to fire Fed Chair Jerome Powell. Investors also braced for another key economic pulse check and for Netflix (NFLX) to kick off this season's Big Tech earnings reports.
Dow Jones Industrial Average futures (YM=F) fell 0.2%, while futures tied to the S&P 500 (ES=F) nudged down 0.1%. Futures tied to the Nasdaq (NQ=F) also dipped around 0.1% after the tech-heavy index notched its third consecutive record close.
The major indexes remain at or near record highs while investors navigate a plethora of catalysts, including earnings, economic data, Trump's tariffs, and the president's displeasure with the Federal Reserve on interest rates.
Read more: The latest on Trump's tariffs
Trump's renewed threats to attempt to fire Powell sparked a stock sell-off midday Wednesday before a reversal after he said he was “not planning” to do so. Still, the president has spent months excoriating Powell and the Fed, and investor bets suggest he is likely to continue to be disappointed in two weeks. Per the CME Group, nearly 100% of traders are expecting a rate hold amid mixed signals on inflation.
Meanwhile, June's retail sales data is out Thursday, providing another snapshot of the health of the US consumer — who big banks so far this earnings season say seem to be doing just “fine.” June's sales are expected to nudge higher after sliding in May, as consumers pulled back on “front-running” purchases ahead of expected tariff-driven price increases.
Read more: Full earnings coverage in our live blog
Finally, Netflix (NFLX) is the highlight of Thursday's earnings docket, due after the bell. The streaming giant's shares are on a tear so far this year. TSMC (TSM) and PepsiCo (PEP) are due to report before the bell.
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Stock market coverage for Thursday, July 17, 2025.
