US stocks shake off Federal Reserve drama to end near session highs
A tumultuous session saw stocks fall into the red and hit session lows following reports that Fed Chair Jerome Powell would soon be fired by President Donald Trump, only for the president to deny those reports, leading major indexes to snap back to finish near their highs of the day. The S&P 500 ended up 0.3%, the Nasdaq 100 inched up 0.1%, and the Russell 2000 rallied 1%.
Johnson & Johnson helped lead the day’s gains, with shares of the pharma giant popping 6.2% after the company beat Q2 earnings estimates and raised its full-year guidance. Vistra and Valero Energy were among the day’s worst performers, with both stocks down almost 4%. Elsewhere…
Rigetti Computing soared 30% after the company demonstrated the “industry’s largest multi-chip quantum computer.”
Recent ethereum treasury company and crypto miner BitMine rose double digits on news that Peter Thiel’s fund amassed a substantial stake.
ASML shares fell 8% after the second-biggest company in Europe and critical semiconductor player topped Q2 estimates but gave a cooler-than-expected Q3 revenue forecast.
Bank of America shares ended slightly lower despite topping earnings and net interest income estimates for the second quarter. Peer Goldman Sachs rose nearly 1% after its profits also came in above estimates.
Ford shares fell about 3% after the Detroit automaker recalled 694,000 Bronco Sport and Escape vehicles over potential fuel leaks that could spark a fire.
Renault Group tumbled double digits after the French automaker lowered its fiscal year 2025 profitability guidance and reported lower-than-expected sales volumes in June.
