US stock futures held steady as President Trump talked up his search for a successor to Federal Reserve Chair Jerome Powell.
Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) flatlined.
The Wall Street Journal reported late Wednesday that the president's frustration with Powell's “wait and see” approach to interest rates has led him to consider announcing his pick to succeed the Fed chair in September or October. Powell's term ends in May 2026 and such an announcement would be far earlier than the typical three or four month transition period.
Trump said earlier on Wednesday he is actively considering replacements for Powell, adding “I know within three or four people who I’m going to pick.”
Powell wrapped up two days of testifying before the House and the Senate, where he stressed to lawmakers the central bank is “well-positioned” to wait and see how Trump's tariffs are impacting the economy before reducing rates.
Stocks wobbled throughout the day with the S&P 500 finishing just below a record high. Investors' jubilation from the day before, sparked by an end to hostilities between Israel and Iran, moderated even as Trump declared the conflict “over.” Nvidia (NVDA), meanwhile, leaped to a record high.
The main event for Wall Street to end the week lands Friday with the release of the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) report. Investors will be watching closely for any signs that Trump's tariffs pushed prices higher.
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Stock market coverage for Thursday, June 26, 2025.
