Overview
The market was influenced by the potential dismissal of Fed Chair Powell and the Fed's decision to hold interest rates steady. Despite initial volatility, the stock market managed to close higher with key bankers emphasizing the importance of Federal Reserve independence.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
Major News Story
Rumors about President Trump's consideration to dismiss Fed Chair Powell caused temporary market uncertainty. However, a statement from Trump denying any current plans to remove Powell helped the S&P 500 recover. Despite the denial, Trump left the possibility open if justified. The administration's criticism of Powell and other economic issues contributed to tension. Wall Street CEOs stressed Federal Reserve independence as crucial during this period.
Tomorrow's Economic Indicators
| Release Time | Content |
| 21:30 | U.S. June Retail Sales |
| 21:30 | U.S. June Import Price Index |
| 21:30 | U.S. Weekly Unemployment Claims |
| 20:30 | U.S. July Philadelphia Fed Manufacturing Index |
| 23:00 | U.S. May Retail Inventories |
| 23:30 | U.S. Natural Gas Inventories |
| 05:00 | U.S. May Net Capital Flows |
| 23:00 | Fed's Kugler Speech |
| 01:45 | Fed's Daly Speech |
| 02:30 | Fed's Kugler Speech |
General Opinion
While President Trump's statements have eased immediate concerns, the uncertainty surrounding potential Fed Chair dismissal persists. The ongoing discussion about Fed independence and upcoming economic indicators will be pivotal for the market's future trajectory.
