Major indices are gyrating between red and green this morning, with the Russell 2000 as the only one remaining in the green.

There was an intraday dip after rumors circulated that Trump is planning to fire Jerome Powell soon. However, Trump later remarked that these reports were not true and indicated if there was no fraud they would replace him in 8 months, when his term is up. Notably, he also reiterated he is considering Hasset for the job.

"I don't rule out anything. But I think it's highly unlikely. Unless he has to leave for fraud, I mean, it's possible there's fraud involved with the $2.5, $2.7B renovation. I haven't drafted a letter" – Trump

Four sectors are moving higher, with Health Care (XLV) in the lead and getting a boost from a double beat on Johnson & Johnson (JNJ) earnings this morning. Technology (XLK) is the laggard.

Semiconductor names are contributing to the Technology sector lagging after ASML Holding (ASML) reported earnings and warned they could no longer confirm sales growth in 2026 due to supply chain and geopolitical concerns.

Private Equity for Main Street?

Asset managers in the private equity space are getting a boost today following reports that Trump will sign an executive order to allow defined 401 (K) retirement plans to invest in private equity.

More Bank Earnings

More bank earnings came out this morning, with beats on top and bottom lines across the board, except for a revenue miss on Bank of America (BAC).

The S&P Bank ETF (KBE) is currently holding marginally in the green following these reports.

Economic Data

Industrial production rose by 0.3% M/M in June accelerating from a flat reading in both April and May and exceeding forecasts of a 0.1% gain. Utilities output saw a 2.8% rise overall, with a 3.5% rise in electricity generation offsetting a 2.6% drop in natural gas output.

Meanwhile, manufacturing output rose 0.1% M/M, slowing from a 0.3% gain in May, but above expectations of no change.

Notable Changes:

• Non-durable Goods increased by 0.3%
• Petroleum and Coal Products rose 2.9%
• Electrical Equipment, Appliances, and Components fell 2.5%
• Motor Vehicles and Parts fell 2.6%
• Primary Metals rose 3.1%
• Aerospace and Transportation Equipment rose 1.6%

Comments

Charles, Appreciate your comments on Fed. They really don't care about everyday Americans. They could help with mortgage rates by cutting. People can't afford a house. The other key thing (and this is on Trump/Congress). Where is that 10% cap on credit card rates. That would really help Pat on 7/16/2025 2:36:19 PM

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