Wall Street watched the major averages end Wednesday on top as markets grinded out a win in the wake of a softer-than-anticipated wholesale inflation report and news that President Trump indicated that he would fire Fed Chairman Jerome Powell.

A firing of Jerome Powell by President Trump would likely open up a legal war never before seen in the US, without any guarantee of a courtroom victory for the White House.

The S&P 500 reverses earlier losses to close just shy of a record.

Federal Reserve Chair Jerome Powell has struggled to get his message across as inflation stays above 8 percent, but now it appears he’s made himself clear to Wall Street

JPMorgan's Brenda Duverce is initiating coverage on the AI startup today. Duverce said OpenAI stands to shake up the search market further in the years ahead, with an unrivaled brand and a $700 billion total addressable market potential.

Major construction work continues at the U.S. Federal Reserve building as U.S. President Donald Trump voices complaints about Fed Chair Jerome Powell, in Washington, D.C., U.S., July 14, 2025. REUTERS/Jonathan Ernst/File Photo (Reuters) -The spiraling cost of the Federal Reserve's years-long renovation of two historic buildings in Washington,