PBS station singles out GOP senators in contentious public broadcasting funding battle
The Trump administration has targeted federal funding to PBS, along with NPR, and the Senate is set to vote on a "rescissions" package next week that could strip the public media organizations of cash. "Rescissions" refers to legislation that cancels or rescinds previously appropriated funds.
PBS Kansas CEO Victor Hogstrom took matters into his own hands with an ad speaking directly to viewers.
"By July 18, the U.S. Senate could eliminate funding for PBS Kansas, meaning some favorite programs could disappear. Yes, community support powers seriously good TV, but federal support matters. If you've ever laughed, learned, or felt moved watching PBS Kansas, now is the time to call your U.S. senators to help keep your station, your stories on the air," Hogstrom tells viewers before photos and phone numbers for Kansas Republican Senators Roger Marshall and Jerry Moran appear.
Marshall's office believes the ad is proof PBS shouldn't receive federal funding.
"For those questioning whether NPR and PBS simply serve as taxpayer-funded mouthpieces for the Democratic Party, look no further. If they've got enough money to run taxpayer-funded ads in Kansas, it makes the decision for us to cut their funding that much easier," a spokesperson for Marshall told Fox News Digital.
National Republican Senatorial Committee (NRSC) political director Brendan Jaspers blasted the ad, calling for it to be pulled immediately.
"The Progressive Bias Syndicate (PBS) is running issue ads against Senate Republicans using taxpayer dollars - to request MORE taxpayer dollars," Jaspers posted on social media.
"It's an egregious effort by PBS to prop up the failed Democrats who fund their propaganda," he continued. "Pull the ads immediately."
FCC chairman Brendan Carr said he will probe if the PBS Kansas ad violates any federal laws.
"Federal law prohibits noncommercial stations—including PBS ones—from accepting money in exchange for airing political issue ads. I've asked the FCC's enforcement team to determine whether or not that happened here. I would encourage PBS & NPR to focus more on how they managed to lose America's trust. That is their problem, not Congress's work to ensure good stewardship of taxpayer dollars," Carr posted on X.
Member stations of public broadcasting outlets like NPR and PBS receive federal funds but are also backed by individual and commercial donations. PBS Kansas did not immediately respond to a request for comment.
When it comes to sounding the funding alarm, PBS insiders say the organization is simply directing people to a "Protect My Public Media" website and nothing more. The commercial was made independently by the member station in Kansas.
"Public media is more at risk now than ever before. Despite overwhelming public opposition, the House passed a rescissions package that would eliminate $1.1 billion in already-approved funding for public media. If enacted, it would strip essential services from communities nationwide — and could force rural stations off the air entirely," the website states.
"The Senate will vote on the rescissions package next week, and changes are still possible," the site continues. "Now is the time to urge them to remove the proposal targeting public media from the package."
The website also features a "call your lawmakers" button that offers both contact information and talking points.
President Donald Trump said on Thursday that Republicans who vote against his plans to defund PBS and NPR will no longer receive his support.
"It is very important that all Republicans adhere to my Recissions [sic] Bill and, in particular, DEFUND THE CORPORATION FOR PUBLIC BROADCASTING (PBS and NPR), which is worse than CNN & MSDNC put together. Any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement. Thank you for your attention to this matter," Trump posted on Truth Social.
Both PBS and NPR have been heavily criticized by Republicans for political bias and advancing leftist agendas like gender ideology, such as a PBS movie called "Real Boy," which, according to PBS, follows a transgender-identifying teen as he "navigates adolescence, sobriety, and physical and emotional ramifications of his changing gender identity."
NPR CEO Katherine Maher and PBS CEO Paula Kerger testified before the DOGE subcommittee in March about alleged biased content that put their platforms in GOP crosshairs.
Kerger insisted that PBS is vital to Americans who rely on it for specific news, ranging from coverage of high school sports and local elections to specialized agricultural stories.
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Stock market today: Dow, S&P 500, Nasdaq end higher after Trump's Powell talk sparks volatile trading
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Fortunately, we get to make a change in the next eight months or so, and we'll pick somebody that's good," Trump said. Trump also confirmed a report that said he had asked a meeting of Republican lawmakers late Tuesday whether he should fire the chair. He said most of the lawmakers said he should do it. He denied a different report that said he had drafted a letter to fire Powell. Stocks had started Wednesday's session mixed as Wall Street weighed a surprise inflation print and scoured the latest batch of earnings for signs that corporate America is weathering the tariff turmoil. Solid earnings from Bank of America (BAC) and Johnson & Johnson (JNJ) helped ease some Wall Street worry about Trump's cycle of escalating tariff threats. BofA's trading desks benefited from trade policy-driven market gyrations, as did those at fellow banks Morgan Stanley (MS) and Goldman Sachs (GS). Read more: Full earnings coverage in our live blog At the same time, markets took in a wholesale inflation checkup on Wednesday that provided better news on price pressures. The Producer Price Index print for June came in unchanged on a monthly basis and rose 2.3% year over year, below estimates. The release came after the latest Consumer Price Index reading spurred traders to pare bets on Federal Reserve interest rate cuts. Tuesday's CPI report showed inflation accelerated in June. It rose at its fastest year-over-year clip since February, with signs of tariff-driven inflation starting to show up in the data. Read more: The latest on Trump's tariffs Stocks recover to end the trading session higher US stocks recovered earlier losses after President Trump said he wasn't planning to fire Fed Chair Jerome Powell despite multiple earlier media reports that he was moving to do so. 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On Wednesday, Republican representative and Financial Services Committee Chairman French Hill told CNBC that the House has the necessary votes to pass the three crypto bills: the CLARITY Act, a market framework bill; the GENIUS Act, tied to stablecoin regulation; and the Anti-CBDC Surveillance State Act, which bans the Federal Reserve from issuing a central bank digital currency directly to individuals. Shares of stablecoin issuer Circle (CRCL) rose nearly 14%, while crypto exchange Coinbase (COIN) saw its stock rise 2.6%. Robinhood (HOOD) rose 3.5%, and Strategy (MSTR) climbed 2.6%. Bitcoin rose 1.4% to nearly $119,000 after hitting a high above $120,000 earlier in the week. Hill's comments came after President Trump said on Truth Social late Tuesday that the GENIUS Act has the support necessary for passage. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote late Tuesday on Truth Social. Trump: Powell does a 'terrible job,' but says 'not talking about' firing Fed chair Just moments after reporting from multiple outlets suggested President Trump was moving closer to firing Federal Reserve Chair Jerome Powell, Trump said he's "not talking about" firing Powell. Speaking to reporters in the Oval Office, Trump was asked about whether he'd try to remove Powell and while he reiterated his view Powell is not doing a good job and should be lowering rates, he's not considering firing the Fed chair, noting that his term is up in May. In response, stocks moved off session lows and were trading little-changed. Dollar crushed as Trump appears to move closer to firing Powell The drumbeat that President Trump will fire Fed Chair Jerome Powell got louder Wednesday, with reporting from CBS News, Bloomberg, CNBC, and The New York Times all adding to the sense that Trump is getting closer to making the unprecedented move. Stocks were lower following the news, but the biggest move in markets was coming from the foreign exchange market, where the dollar was getting crushed against other major currencies. The dollar quickly fell as much as 1% against the Japanese yen, lost about 0.7% against the euro, and fell about 0.5% against the British pound. The dollar index fell about 0.7%. Trump has for some time complained about Powell's lack of aggressive rate cuts this year, saying the Fed chair is "too late," among other barbs. And while the spat between Trump and Powell — who was named Fed chair by Trump during his first term in office — has now spanned multiple administrations, some on Wall Street also see Trump's desire to cut Powell as coming back to aiding his key economic agenda: tariffs. "There is method to President Donald Trump's madness regarding Fed Chair Jerome Powell," Ed Yardeni of Yardeni Research wrote in a note to clients on July 1. "Trump has been hammering Powell almost daily recently because doing so is very effectively hammering the foreign-exchange value of the dollar. Trump wants a weaker dollar to boost US exports and depress US imports. He has said that he favored a weaker dollar many times in the past, but now he has found a way to achieve that: by beating up on Powell." As for whether Trump will be able to fire Powell, the Supreme Court in May issued a ruling that walled off the Federal Reserve from other independent agencies that had their leaders removed by Trump. Stocks sink as Trump moves to fire Powell President Trump asked Republican members of the House of Representatives if he should fire Fed Chair Jerome Powell in the Oval Office on Tuesday night, CBS News reported Wednesday, citing unnamed sources. The New York Times reported that Trump had showed off a draft of a letter firing Powell during the meeting. The Republican representatives voiced approval for such a move, CBS reported. Shortly after the CBS report, Bloomberg reported that Trump is likely to fire Powell soon, citing a White House official. All three major indexes fell after the news to touch lows for the day. The S&P 500 (^GSPC) fell 0.45%, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The Nasdaq Composite (^IXIC) dropped nearly 0.6%. The US Dollar DXY ( fell roughly 0.9% following the news. Meanwhile, bets on Fed rate cuts rose from earlier in the day after weaker-than-expected inflation data out earlier Wednesday morning. As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. Expectations for Fed rate cuts in September are falling Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Johnson & Johnson stock climbs after earnings beat Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. US stocks edge up at the open US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. Trending tickers: J&J, ASML, Goldman Sachs, SharpLink Gaming Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Wholesale prices increase less than expected in June Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Goldman stock gains as trading and dealmaking boosts profits Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Markets are now ho-hum about tariff threats. Trump and Wall Street disagree about why. Yahoo Finance's Ben Werschkul reports: Read more here. Chip linchpin ASML warns on 2026 growth amid tariff headwinds ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold rises as trade war fears bolster haven asset Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Trump order to open up private investment to retirement plans. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Stocks recover to end the trading session higher US stocks recovered earlier losses after President Trump said he wasn't planning to fire Fed Chair Jerome Powell despite multiple earlier media reports that he was moving to do so. The S&P 500 (^GSPC) rose about 0.3%, while the Dow Jones Industrial Average (^DJI) climbed 0.5% to end Wednesday's trading session. The tech-heavy Nasdaq (^IXIC) rose 0.25%. All three major indices had posted declines to hit session lows earlier in the day, reversing initial gains. US stocks recovered earlier losses after President Trump said he wasn't planning to fire Fed Chair Jerome Powell despite multiple earlier media reports that he was moving to do so. The S&P 500 (^GSPC) rose about 0.3%, while the Dow Jones Industrial Average (^DJI) climbed 0.5% to end Wednesday's trading session. The tech-heavy Nasdaq (^IXIC) rose 0.25%. All three major indices had posted declines to hit session lows earlier in the day, reversing initial gains. Trump's NHTSA nominee could step up pressure on Tesla, Waymo President Trump's nominee to run the country's top auto safety agency may bring more scrutiny to technologies like autonomous driving and robotaxis, putting pressure on companies like Tesla (TSLA) and Alphabet's (GOOG) Waymo, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. President Trump's nominee to run the country's top auto safety agency may bring more scrutiny to technologies like autonomous driving and robotaxis, putting pressure on companies like Tesla (TSLA) and Alphabet's (GOOG) Waymo, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. Rigetti stock soars after unveiling multi-chip quantum computer Rigetti Computing (RGTI) stock climbed nearly 29% Wednesday after the company announced that it built the largest multi-chip quantum computer to date, with half the error rate of its prior, single-chip computer. Shares of Rigetti are up nearly 1,200% since last year, mirroring gains from fellow quantum computing stock D-Wave (QBTS). Meanwhile, IonQ (IONQ) is up roughly 380% over the past year. The latter two rose 2% and 3.8% Wednesday, respectively. Big Tech has unveiled several quantum breakthroughs this year. IBM (IBM) in June said it is building the world's first large-scale quantum computer capable of operating without errors. The computer, called Starling, is set to launch by 2029. Microsoft (MSFT) and Amazon (AMZN) unveiled new quantum computing chips in February. Google (GOOG) released a quantum computing chip called Willow in December, saying the technology "paves the way to a useful, large-scale quantum computer." Rigetti Computing (RGTI) stock climbed nearly 29% Wednesday after the company announced that it built the largest multi-chip quantum computer to date, with half the error rate of its prior, single-chip computer. Shares of Rigetti are up nearly 1,200% since last year, mirroring gains from fellow quantum computing stock D-Wave (QBTS). Meanwhile, IonQ (IONQ) is up roughly 380% over the past year. The latter two rose 2% and 3.8% Wednesday, respectively. Big Tech has unveiled several quantum breakthroughs this year. IBM (IBM) in June said it is building the world's first large-scale quantum computer capable of operating without errors. The computer, called Starling, is set to launch by 2029. Microsoft (MSFT) and Amazon (AMZN) unveiled new quantum computing chips in February. Google (GOOG) released a quantum computing chip called Willow in December, saying the technology "paves the way to a useful, large-scale quantum computer." Stocks endured a wild ride in the second quarter. It was great news for big banks. The second quarter of 2025 was a great time to be a stock trader at one of the country's major banks, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. The second quarter of 2025 was a great time to be a stock trader at one of the country's major banks, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Nvidia, Meta, Google, Microsoft, and other giant tech stocks have one important challenge coming up Large-cap tech stocks will likely soon be forced to meet the moment, Yahoo Finance's Brian Sozzi reports. Sozzi writes: Read the full story here. Large-cap tech stocks will likely soon be forced to meet the moment, Yahoo Finance's Brian Sozzi reports. Sozzi writes: Read the full story here. The bond market is on edge as Trump's threat to fire Powell resurfaces The bond market remains on edge after multiple outlets reported that President Trump was seriously considering firing Federal Reserve Chair Jerome Powell, Yahoo Finance's Allie Canal reports — only for the president to downplay the possibility as stocks fell and Treasury yields jumped. Canal writes: Read the full story here. The bond market remains on edge after multiple outlets reported that President Trump was seriously considering firing Federal Reserve Chair Jerome Powell, Yahoo Finance's Allie Canal reports — only for the president to downplay the possibility as stocks fell and Treasury yields jumped. Canal writes: Read the full story here. Bitcoin, crypto stocks rise on renewed optimism for stablecoin legislation Bitcoin (BTC-USD) and crypto stocks bounced back Wednesday as optimism rose over the fate of three cryptocurrency bills that were snagged in the House of Representatives Tuesday. On Wednesday, Republican representative and Financial Services Committee Chairman French Hill told CNBC that the House has the necessary votes to pass the three crypto bills: the CLARITY Act, a market framework bill; the GENIUS Act, tied to stablecoin regulation; and the Anti-CBDC Surveillance State Act, which bans the Federal Reserve from issuing a central bank digital currency directly to individuals. Shares of stablecoin issuer Circle (CRCL) rose nearly 14%, while crypto exchange Coinbase (COIN) saw its stock rise 2.6%. Robinhood (HOOD) rose 3.5%, and Strategy (MSTR) climbed 2.6%. Bitcoin rose 1.4% to nearly $119,000 after hitting a high above $120,000 earlier in the week. Hill's comments came after President Trump said on Truth Social late Tuesday that the GENIUS Act has the support necessary for passage. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote late Tuesday on Truth Social. Bitcoin (BTC-USD) and crypto stocks bounced back Wednesday as optimism rose over the fate of three cryptocurrency bills that were snagged in the House of Representatives Tuesday. On Wednesday, Republican representative and Financial Services Committee Chairman French Hill told CNBC that the House has the necessary votes to pass the three crypto bills: the CLARITY Act, a market framework bill; the GENIUS Act, tied to stablecoin regulation; and the Anti-CBDC Surveillance State Act, which bans the Federal Reserve from issuing a central bank digital currency directly to individuals. Shares of stablecoin issuer Circle (CRCL) rose nearly 14%, while crypto exchange Coinbase (COIN) saw its stock rise 2.6%. Robinhood (HOOD) rose 3.5%, and Strategy (MSTR) climbed 2.6%. Bitcoin rose 1.4% to nearly $119,000 after hitting a high above $120,000 earlier in the week. Hill's comments came after President Trump said on Truth Social late Tuesday that the GENIUS Act has the support necessary for passage. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote late Tuesday on Truth Social. Trump: Powell does a 'terrible job,' but says 'not talking about' firing Fed chair Just moments after reporting from multiple outlets suggested President Trump was moving closer to firing Federal Reserve Chair Jerome Powell, Trump said he's "not talking about" firing Powell. Speaking to reporters in the Oval Office, Trump was asked about whether he'd try to remove Powell and while he reiterated his view Powell is not doing a good job and should be lowering rates, he's not considering firing the Fed chair, noting that his term is up in May. In response, stocks moved off session lows and were trading little-changed. Just moments after reporting from multiple outlets suggested President Trump was moving closer to firing Federal Reserve Chair Jerome Powell, Trump said he's "not talking about" firing Powell. Speaking to reporters in the Oval Office, Trump was asked about whether he'd try to remove Powell and while he reiterated his view Powell is not doing a good job and should be lowering rates, he's not considering firing the Fed chair, noting that his term is up in May. In response, stocks moved off session lows and were trading little-changed. Dollar crushed as Trump appears to move closer to firing Powell The drumbeat that President Trump will fire Fed Chair Jerome Powell got louder Wednesday, with reporting from CBS News, Bloomberg, CNBC, and The New York Times all adding to the sense that Trump is getting closer to making the unprecedented move. Stocks were lower following the news, but the biggest move in markets was coming from the foreign exchange market, where the dollar was getting crushed against other major currencies. The dollar quickly fell as much as 1% against the Japanese yen, lost about 0.7% against the euro, and fell about 0.5% against the British pound. The dollar index fell about 0.7%. Trump has for some time complained about Powell's lack of aggressive rate cuts this year, saying the Fed chair is "too late," among other barbs. And while the spat between Trump and Powell — who was named Fed chair by Trump during his first term in office — has now spanned multiple administrations, some on Wall Street also see Trump's desire to cut Powell as coming back to aiding his key economic agenda: tariffs. "There is method to President Donald Trump's madness regarding Fed Chair Jerome Powell," Ed Yardeni of Yardeni Research wrote in a note to clients on July 1. "Trump has been hammering Powell almost daily recently because doing so is very effectively hammering the foreign-exchange value of the dollar. Trump wants a weaker dollar to boost US exports and depress US imports. He has said that he favored a weaker dollar many times in the past, but now he has found a way to achieve that: by beating up on Powell." As for whether Trump will be able to fire Powell, the Supreme Court in May issued a ruling that walled off the Federal Reserve from other independent agencies that had their leaders removed by Trump. The drumbeat that President Trump will fire Fed Chair Jerome Powell got louder Wednesday, with reporting from CBS News, Bloomberg, CNBC, and The New York Times all adding to the sense that Trump is getting closer to making the unprecedented move. Stocks were lower following the news, but the biggest move in markets was coming from the foreign exchange market, where the dollar was getting crushed against other major currencies. The dollar quickly fell as much as 1% against the Japanese yen, lost about 0.7% against the euro, and fell about 0.5% against the British pound. The dollar index fell about 0.7%. Trump has for some time complained about Powell's lack of aggressive rate cuts this year, saying the Fed chair is "too late," among other barbs. And while the spat between Trump and Powell — who was named Fed chair by Trump during his first term in office — has now spanned multiple administrations, some on Wall Street also see Trump's desire to cut Powell as coming back to aiding his key economic agenda: tariffs. "There is method to President Donald Trump's madness regarding Fed Chair Jerome Powell," Ed Yardeni of Yardeni Research wrote in a note to clients on July 1. "Trump has been hammering Powell almost daily recently because doing so is very effectively hammering the foreign-exchange value of the dollar. Trump wants a weaker dollar to boost US exports and depress US imports. He has said that he favored a weaker dollar many times in the past, but now he has found a way to achieve that: by beating up on Powell." As for whether Trump will be able to fire Powell, the Supreme Court in May issued a ruling that walled off the Federal Reserve from other independent agencies that had their leaders removed by Trump. Stocks sink as Trump moves to fire Powell President Trump asked Republican members of the House of Representatives if he should fire Fed Chair Jerome Powell in the Oval Office on Tuesday night, CBS News reported Wednesday, citing unnamed sources. The New York Times reported that Trump had showed off a draft of a letter firing Powell during the meeting. The Republican representatives voiced approval for such a move, CBS reported. Shortly after the CBS report, Bloomberg reported that Trump is likely to fire Powell soon, citing a White House official. All three major indexes fell after the news to touch lows for the day. The S&P 500 (^GSPC) fell 0.45%, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The Nasdaq Composite (^IXIC) dropped nearly 0.6%. The US Dollar DXY ( fell roughly 0.9% following the news. Meanwhile, bets on Fed rate cuts rose from earlier in the day after weaker-than-expected inflation data out earlier Wednesday morning. As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. President Trump asked Republican members of the House of Representatives if he should fire Fed Chair Jerome Powell in the Oval Office on Tuesday night, CBS News reported Wednesday, citing unnamed sources. The New York Times reported that Trump had showed off a draft of a letter firing Powell during the meeting. The Republican representatives voiced approval for such a move, CBS reported. Shortly after the CBS report, Bloomberg reported that Trump is likely to fire Powell soon, citing a White House official. All three major indexes fell after the news to touch lows for the day. The S&P 500 (^GSPC) fell 0.45%, while the Dow Jones Industrial Average (^DJI) fell 0.3%. The Nasdaq Composite (^IXIC) dropped nearly 0.6%. The US Dollar DXY ( fell roughly 0.9% following the news. Meanwhile, bets on Fed rate cuts rose from earlier in the day after weaker-than-expected inflation data out earlier Wednesday morning. As of late Wednesday morning, traders saw a more than 70% chance of the Fed cutting rates in September, versus roughly 56% earlier in the day, according to CME Group. Expectations for Fed rate cuts in September are falling Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Investor speculation that the Fed will hold rates steady not just this month but also in September is growing. According to the CME Group, traders are pricing in a 44% chance that the Fed will not cut rates in September, up from 30% last week. Investors see a more than 54% probability of a 25 basis point cut in September, down from roughly 66% last week. And traders are betting that there's a slim 1.4% chance that the central bank will cut rates by 50 basis points, down from 4.2% last week. Johnson & Johnson stock climbs after earnings beat Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. Johnson & Johnson (JNJ) stock climbed nearly 5% Wednesday after the drugmaker's latest earnings results topped expectations and the company raised its financial outlook for the year. The pharma giant reported revenues of $23.7 billion, higher than the $22.8 billion expected by Wall Street analysts. Earnings per share came in at $2.77, compared to the $2.66 projected, Yahoo Finance's Anjalee Khemlani reports. The company also raised its revenue guidance for the year to a range between $93.2 billion and $93.6 billion, up from its prior range of $91 billion to $91.8 billion. J&J lifted full-year earnings per share guidance by $0.25 to $10.85. Khemlani writes: Read more about J&J's latest earnings results here. US stocks edge up at the open US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. US stocks inched higher Wednesday morning as investors digested another round of corporate earnings results and a wholesale inflation checkup. The Dow Jones Industrial Average (^DJI) rose about 0.3% after shedding over 400 points on Tuesday, while the S&P 500 (^GSPC) was up nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was just above the flat line after notching a fresh record Tuesday as AI chipmaker Nvidia (NVDA) hit a new high. Shares of Johnson & Johnson (JNJ), Bank of America (BAC), and Goldman Sachs (GS) rose after reporting solid earnings results, while Morgan Stanley (MS) stock fell despite the bank's own earnings report topping Wall Street's projections. Trending tickers: J&J, ASML, Goldman Sachs, SharpLink Gaming Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Here's a look a the top trending tickers in premarket trading as earnings season kicks off: Read more live coverage of earnings season here. Wholesale prices increase less than expected in June Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Wholesale prices rose less than expected in June. Wednesday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 2.3% from the year prior, below the 2.7% seen in May and lower than the 2.5% increase economists had projected. On a monthly basis, prices were flat. Economists had expected 0.2% increase. Excluding food and energy, "core" prices rose 2.6% year over year, below the 3.2% gain seen in May. Economists had expected an increase of 2.7%. Meanwhile, month-over-month core prices were flat below the 0.2% increase economists had expected and the 0.3% gain seen last month. The report follows Tuesday's Consumer Price Index (CPI) report which showed core price increases accelerated to 2.9% in June. Goldman stock gains as trading and dealmaking boosts profits Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Shares of Goldman Sachs (GS), JPMorgan Chase (JPM), and Citigroup (C) were moving higher in premarket trading on Wednesday after the Wall Street firms reported higher dealmaking and trading revenue this week to kick off earnings season. Yahoo Finance's David Hollerith reports: Read more here. Markets are now ho-hum about tariff threats. Trump and Wall Street disagree about why. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Chip linchpin ASML warns on 2026 growth amid tariff headwinds ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold rises as trade war fears bolster haven asset Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. Trump order to open up private investment to retirement plans. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Wall Street CEOs Stress Fed Independence as Powell Attacks Grow
(Bloomberg) — Top bosses at some of Wall Street's biggest banks emphasized the importance of an independent Federal Reserve as the long-running saga between President Donald Trump and central bank Chair Jerome Powell intensified. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Bank of America Corp.'s Chief Executive Officer Brian Moynihan and Goldman Sachs Group Inc.'s David Solomon joined JPMorgan Chase & Co.'s CEO Jamie Dimon in stressing how critical the Fed's autonomy is. Moynihan said in an interview with Bloomberg TV on Wednesday that the Fed was 'set up to be independent.' Trump has repeatedly assailed Powell for holding off on cutting rates, with administration officials confirming in recent days that a process to select a successor — Powell's term as chair isn't set to expire until May 2026 — is underway. Analysts have warned that if Trump were to oust Powell it would roil financial markets and lead to a serious legal showdown over the central bank's independence. Trump denied on Wednesday that he's seeking to remove Powell, after a White House official had said that such a move was discussed in a meeting with congressional Republicans on Tuesday night. Trump again attacked Powell on Wednesday, labeling him a 'knucklehead' who has been 'too late' to lower rates. Dimon said on Tuesday that the Fed's continued independence is 'absolutely critical.' That doesn't just mean under Powell, whom Dimon said he respects, but also for whomever eventually succeeds him. Meddling with the Fed 'can often have adverse consequences,' the CEO said during his bank's second-quarter earnings call. Goldman Sachs' CEO Solomon said in an interview on CNBC that Fed independence, particularly when it comes to monetary policy, is 'super important.' 'I think central bank independence, not just here in the United States but around the world, has served us incredibly well,' he said Wednesday. It's something 'we should fight to preserve,' he added. Bank of America's Moynihan said it's also a President's right to appoint the next Fed successor through Congress. And any successor will have to navigate the rates question, he said. 'The Fed is an independent agency, and they are meant to be outside the purview of the executive, and Congress,' he said on Bloomberg TV. 'They are called to task, and monitored, and reviewed. The reality is they were set up to be independent.' —With assistance from Jamie Tarabay and David Westin. Forget DOGE. Musk Is Suddenly All In on AI How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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'Ripping the fabric of the universe:' Trump targets Powell, and investors react
President Donald Trump on Wednesday escalated his talk about removing Federal Reserve Chairman Jerome Powell, telling reporters that Republican lawmakers supported firing the central bank chief. While Trump denied having plans to immediately fire Powell, many finance and economic experts say the attacks are damaging to financial markets, and perhaps the U.S. political system as well. 'Certainly the rhetoric is creating volatility and uncertainty among investors,' said Jack Ablin, Chief Investment Officer at Cresset Capital, which has $65 billion in assets. 'Today was really a microcosm. Earlier in the day, investors were fretting that Trump would fire Powell and we saw rates higher and stocks lower. And then Trump came out and said no, I'm not firing Powell. Lo and behold, bond yields came down and equities went up. So I do think it is creating concern. I think investors would like to see an independent Fed.' 'I talked about the concept of firing him,' Trump said to reporters, gathered in the Oval Office where he was meeting with Crown Prince Salman bin Hamad Al Khalifa of Bahrain. 'I said, 'What do you think?' Almost every one of them said I should but I'm more conservative than they are.'' Later, he added, 'When we were talking about it I asked, what would you do about that. They all said, we'd fire him.'' Although Trump nominated Powell to helm the Fed in his first term, he has had the central bank chief in his crosshairs since starting his second term, berating him for not slashing a key interest rate in order to jump-start the economy and lower federal debt payments. Fed watchers are well aware that it's not new for presidents to pressure the central bank. Both Lyndon Johnson and Richard Nixon were known to dislike the Fed chiefs who served during their terms, and to try to pressure their policies, said Steve Blitz, chief U.S. economist at GlobalData. 'The difference is that Trump does it in public and believes that doing it in public gives him strength,' Blitz told USA TODAY. Blitz and other analysts also believe it's dangerous that Trump is able to sway other lawmakers to his point of view. 'He's the first (president) that somehow seems to be able to get the establishment to crater. I don't really understand it. Everyone says they're afraid of him. Are you a patriot or not?' David Kotok, co-founder of Cumberland Advisors, which has $3.5 billion in assets, points out that the Fed, under Powell's leadership, has capably managed through several crises on its watch, from the pandemic emergency response to the swift resolution of that crisis, to a spate of bank failures in 2023. 'That's Jay Powell at work,' Kotok told USA TODAY. 'To me, the man is a pillar of honesty and leadership and maintains his public demeanor and discipline in the face of an onslaught of verbal abuse which is unnecessary and harmful to the U.S., its image in the world, and to our banking and financial system. The only reason the harm is not evident in the market is because the Fed puts a premium on financial stability.' For investors, a perennial question is whether and when markets will react strongly enough to lead politicians to backtrack. One recent example took place in April, after the White House unveiled its shock-and-awe tariff proposals. Investors ditched bonds at the fastest pace in decades, concerned about the impact of those tariffs on the U.S. debt and the economy. Since then, tariff deadlines have shifted frequently. More: The bond market sell-off is more worrisome than the one in stocks. Here's what to know. But investors haven't yet reacted forcefully enough to the notion that Trump will be able to fire, or bully Powell out of a job. That's in part because of a widespread belief that the president will eventually cave, said Blitz, referencing the so-called "TACO" — Trump Always Chickens Out — trade. The acronym describes the president's pattern of announcing hefty new tariffs, causing economic shock, panic and stock declines – only to reverse course later with pauses or reductions that create a market rebound. 'The market has this idea that he's going to bully and bully and bully, but he'll never actually do it,' Blitz said. 'But I think this is where the danger lies, which is that Trump pushes to the outer reaches of the universe. People expect the fabric of the universe to snap and push him back to the middle, right? But they don't really understand that he is intent on ripping the fabric of the universe. He keeps pushing and pushing and pushing, softening the opposition every time he does it, and then he will break through.' This article originally appeared on USA TODAY: Trump amps up pressure on Fed Chair Powell, and investors react Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
