US stock market rises as Dow Jones Industrial Average rose slightly on Wednesday, gaining 88 points (0.3%) as investors reacted to better-than-expected bank earnings from Goldman Sachs, Morgan Stanley,

Inflation rose in June while wages went down, driving down buying power for consumers across the economy, federal data show.

U.S. stock indexes pared losses on Wednesday after President Donald Trump said it was "highly unlikely" that he would fire Federal Reserve Chair Jerome Powell, minutes after several reports said he was likely to do so.

Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.

The Dow Jones index wavered Tuesday after the CPI inflation report. Nvidia stock surged on AI chip sales to China.

The slouch was slight compared to the market reaction to Trump’s initial “Liberation Day” announcement of “reciprocal” tariffs on April 2.

German Chancellor Friedrich Merz said that Trump’s threat of 30% tariffs on goods from the European Union would hit the German export industry “to the core,” and vowed to work toward a solution.

The president indicated to Republican lawmakers that he is likely to attempt to remove the Fed chair from his job soon.