Dow, S&P 500, Nasdaq futures stall as Trump reportedly eyes replacing Fed chief early

US stock futures climbed on Thursday amid growing bets on interest-rate cuts as President Trump appeared to get closer to naming his replacement for Federal Reserve Chair Jerome Powell.

Dow Jones Industrial Average futures (YM=F) rose 0.3%, while S&P 500 futures (ES=F) added roughly 0.4%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) gained 0.5%.

The dollar fell on speculation US interest-rate cuts may come sooner and go further than currently priced into markets as President Donald Trump ratchets up pressure on Federal Reserve Chair Jerome Powell.

Trump’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, The Wall Street Journal reported. Powell’s term ends in May 2026, so that 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 on Wednesday, 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) stock, 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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Nike earnings on deck: Wall Street looks for signs of turnaround progress

Nike (NKE) is set to report its fiscal fourth quarter earnings after market close today, and Wall Street is bracing for more poor results.

Yahoo Finance’s Brooke DiPalma reports:

Read more here.

Good morning. Here’s what’s happening today.

Economic data: First quarter GDP; First quarter personal consumption; Initial jobless claims (week ended June 21); Pending home sales (May); Durable goods orders (May preliminary); Wholesale inventories (May preliminary)

Earnings: McCormick (MKC), Nike (NKE), Walgreens Boots Alliance (WBA)

Here are some of the biggest stories you may have missed overnight and early this morning:

Meta’s quest to dominate the AI world

Trump made a final case for his big tax bill. Economists aren’t buying it.

Nike earnings after the bell: Wall Street is hoping for progress

Nvidia leaps to new high in remarkable turnaround

Dollar slides as Trump reportedly eyes replacing Powell early

China tech giants are ramping up M&A with Beijing’s blessing

Trending tickers: Nvidia, Micron and Coinbase

Here are some top stocks trending on Yahoo Finance in premarket trading:

Nvidia (NVDA) stock was up 1% in premarket trading on Thursday after notching a new record high of $154.31 on Wednesday.

Micron (MU) stock was up over 2% before the bell on Thursday after delivering third-quarter results and fourth-quarter forecasts that exceeded estimates. But despite the upbeat results, Wall Street was not impressed.

Coinbase (COIN) rose 1% in premarket trading after touching a 52-week high the day before. Bernstein analysts dubbed the cryptocurrency platform a “one-stop Amazon” of crypto services.

Dollar loses ground to the euro, reaches lowest in over 3 years

The dollar (DX=F) has hit a low against the euro that hasn’t been reached in over three and a half years. Concerns over Trump’s tariff impacts on US economic stability, combined with a loss of trust over the ability of the Fed to remain independent, have consistently applied downward pressure on the greenback.

Reuters reports:

Read more here.