U.S. stock futures were mixed early Thursday morning after President Trump dismissed rumors of plans to remove Fed Chair Jerome Powell. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were up 0.22% and 0.08%, respectively, while the Dow Jones Industrial Average (DJIA) futures slipped 0.02% at 4:15 a.m. EST, July 17.
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In Tuesday’s regular session, the S&P 500, the Nasdaq Composite, and the Dow rose 0.32%, 0.26%, and 0.53%, respectively.
Earlier in the day, stocks fell after reports suggested Trump was likely to fire Powell soon. However, equities rebounded after the president downplayed these reports, stating he was “not planning on doing it,” though he did add that he didn’t “rule out anything.”
In after-hours trading, Sarepta Therapeutics (SRPT) stock jumped over 34% after the company said it will cut jobs. However, United Airlines (UAL) dropped about 2% after reporting mixed results for the second quarter. Archer Daniels Midland (ADM) stock also fell around 5% after President Trump said Coca-Cola (KO) should start using real sugar.
On the earnings front, Taiwan Semiconductor Manufacturing (TSM) just reported its quarterly numbers, with profit jumping 61% to a record high, driven by strong demand for AI chips. Also, Novartis (NVS), Abbott Laboratories (ABT), PepsiCo (PEP), and Netflix (NFLX) will release their quarterly results today.
In key economic reports today, investors will closely monitor Weekly Jobless Claims and the latest Retail Sales report for June on Thursday.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.48%. However, WTI crude oil futures were trending lower, hovering near $66.35 per barrel as of the last check. At the same time, the Gold Spot U.S. Dollar Price increased to nearly $3,327 per ounce on Thursday.
Elsewhere, European stocks opened higher today as investors turned their focus to corporate earnings. Chip stocks bounced back from yesterday’s sharp drop, helped by strong results from TSMC today.
Asia-Pacific Markets Mostly Ended Higher Today
Asia-Pacific markets mostly moved higher on Thursday as investors weighed Japan’s second straight monthly drop in exports. They also took note of Trump’s denial that he plans to remove Federal Reserve Chair Jerome Powell.
The Hong Kong index was down 0.12%. At the same time, China’s Shanghai Composite and Shenzhen Component indices closed higher by 0.37% and 1.43%, respectively. Also, Japan’s Nikkei and Topix indices gained 0.60% and 0.72%, respectively.
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