{"id":50598,"date":"2025-07-16T17:08:00","date_gmt":"2025-07-16T21:08:00","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/"},"modified":"2025-07-16T17:08:00","modified_gmt":"2025-07-16T21:08:00","slug":"stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/","title":{"rendered":"Stock Market Today: Dow Surges 231 Points as Trump Denies Powell Firing Plans"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/#Market_Recap_Volatile_Trading_Amid_Fed_Chair_Uncertainty\" >Market Recap: Volatile Trading Amid Fed Chair Uncertainty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/#Banking_Sector_Shines_Despite_Market_Turbulence\" >Banking Sector Shines Despite Market Turbulence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/#ASML_Plunges_on_Growth_Warning_Dragging_Semiconductor_Sector\" >ASML Plunges on Growth Warning, Dragging Semiconductor Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/#Healthcare_Sector_Gets_a_Boost_from_Johnson_Johnson\" >Healthcare Sector Gets a Boost from Johnson &#038; Johnson<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/#Oil_Continues_Downward_Trend_on_Supply_Concerns\" >Oil Continues Downward Trend on Supply Concerns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/#Looking_Ahead_Market_Events_to_Watch\" >Looking Ahead: Market Events to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/stock-market-today-dow-surges-231-points-as-trump-denies-powell-firing-plans\/50598\/#Year-to-Date_Market_Performance\" >Year-to-Date Market Performance<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Recap_Volatile_Trading_Amid_Fed_Chair_Uncertainty\"><\/span>Market Recap: Volatile Trading Amid Fed Chair Uncertainty<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The U.S. stock market experienced a roller-coaster session on Wednesday, July 16, 2025, ultimately closing higher despite significant intraday volatility. The <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/b> finished up 231.49 points, or 0.53%, at 44,254.78, while the <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a><\/b> added 19.94 points, or 0.32%, to close at 6,263.70. The <b>Nasdaq Composite<\/b> gained 52.69 points, or 0.25%, ending at 20,730.49.<cscitation citation_id=\"task_1__2\"><\/cscitation><\/p>\n<p>Markets initially plunged after a White House official told CNBC that President Donald <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> was edging closer to firing Federal Reserve Chair Jerome Powell. The S&#038;P 500 dropped as much as 0.68% before recovering when <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> later denied the report, though traders remained cautious about potential follow-through.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<p>&#8220;While I&#8217;ve talked about the concept of firing the Fed Chair, I&#8217;m unlikely to do so,&#8221; Trump stated, calming markets but leaving the door open to future action. The mere suggestion sent shockwaves through financial markets, as such a move could help Wall Street get lower interest rates but would risk weakening the Fed&#8217;s independence in controlling inflation.<cscitation citation_id=\"task_1__2\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Banking_Sector_Shines_Despite_Market_Turbulence\"><\/span>Banking Sector Shines Despite Market Turbulence<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Financial giants provided a bright spot in Wednesday&#8217;s markets, with several major banks reporting strong quarterly results. Goldman Sachs Group (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GS\">GS<\/a>), Bank of America (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=BAC\">BAC<\/a>), and Morgan Stanley (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MS\">MS<\/a>) all posted revenue surprises, fueling optimism about their ability to navigate ongoing tariff turmoil.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<p>Bank of America and Goldman Sachs shares rose on their earnings beats, while Morgan Stanley dropped 2.33% to $138.29 despite exceeding expectations, likely due to investor profit-taking. Wells Fargo (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=WFC\">WFC<\/a>) gained 0.96% to $79.62 after delivering solid results, while Citigroup (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=C\">C<\/a>) slipped 0.44% to $90.32 despite strong top-line numbers.<cscitation citation_id=\"task_1__3\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ASML_Plunges_on_Growth_Warning_Dragging_Semiconductor_Sector\"><\/span>ASML Plunges on Growth Warning, Dragging Semiconductor Sector<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The semiconductor equipment sector faced significant pressure after Dutch chip equipment giant ASML Holding (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=ASML\">ASML<\/a>) plummeted 8.33% following its earnings report. Despite beating second-quarter expectations with profits of \u20ac2.29 billion on sales of \u20ac7.7 billion, ASML shocked investors by stating it &#8220;cannot confirm growth in 2026.&#8221;<cscitation citation_id=\"task_2__1\"><\/cscitation><cscitation citation_id=\"task_2__2\"><\/cscitation><\/p>\n<p>CEO Christophe Fouquet cited &#8220;escalating macroeconomic and geopolitical uncertainty, especially the threat of new tariffs on semiconductor equipment&#8221; for the cautious outlook. The warning wiped out over $30 billion in ASML&#8217;s market value and sent ripples through the semiconductor supply chain.<cscitation citation_id=\"task_2__2\"><\/cscitation><\/p>\n<p>Interestingly, while chip equipment makers like ASML suffered, AI chipmakers such as Nvidia (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>) and AMD (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMD\">AMD<\/a>) showed resilience. Nvidia shares gained 0.39% to $171.37, while AMD rose 2.87%.<cscitation citation_id=\"task_3__1\"><\/cscitation> Separately, an SEC filing revealed Nvidia CEO Jensen Huang sold approximately 225,000 shares worth $37 million as part of a previously disclosed plan to sell up to 6 million shares.<cscitation citation_id=\"task_3__2\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Healthcare_Sector_Gets_a_Boost_from_Johnson_Johnson\"><\/span>Healthcare Sector Gets a Boost from Johnson &#038; Johnson<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Johnson &#038; Johnson (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=JNJ\">JNJ<\/a>) was among the day&#8217;s standout performers, surging 6.25% after reporting strong quarterly results. The healthcare giant&#8217;s performance helped offset weakness in other sectors and contributed to the Dow&#8217;s positive finish.<cscitation citation_id=\"task_3__2\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Oil_Continues_Downward_Trend_on_Supply_Concerns\"><\/span>Oil Continues Downward Trend on Supply Concerns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Oil prices declined for the third consecutive day as traders assessed the likelihood of a supply glut in the second half of the year. West Texas Intermediate futures fell by as much as 1.7% to trade near $68 a barrel after a weekly report from the U.S. Energy Information Administration showed inventories at the key storage hub in Cushing, Oklahoma, rose to the highest since June.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead_Market_Events_to_Watch\"><\/span>Looking Ahead: Market Events to Watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As earnings season gains momentum, investors will be closely monitoring upcoming reports from major companies. Tesla (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>) is scheduled to release its quarterly results on July 23, with Cathie Wood&#8217;s ARK Invest reportedly increasing its position ahead of the announcement.<cscitation citation_id=\"task_3__2\"><\/cscitation><\/p>\n<p>Markets will also remain focused on inflation data and the Federal Reserve&#8217;s next moves. Despite the day&#8217;s Powell-related volatility, Treasury yields saw mild gains, with the 10-year yield dropping three basis points to 4.45%. Money markets slightly increased bets on Fed cuts this year, with traders still projecting about two reductions before year-end.<cscitation citation_id=\"task_1__1\"><\/cscitation><\/p>\n<p>The ongoing implementation of Trump&#8217;s tariffs continues to create uncertainty, with new levies announced on the European Union, Mexico, and Jakarta. These trade tensions, combined with the potential for Fed leadership changes, will likely keep <b>market volatility elevated<\/b> in the coming weeks as investors navigate this complex economic landscape.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Year-to-Date_Market_Performance\"><\/span>Year-to-Date Market Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite recent volatility, major indices remain in positive territory for 2025. The S&#038;P 500 is up 6.5%, the Dow has gained 4%, and the Nasdaq has risen 7.4% year-to-date. The Russell 2000 index of smaller companies, however, is down slightly by 0.1% for the year.<cscitation citation_id=\"task_1__2\"><\/cscitation><br \/><\/csartifact><\/p>\n<p>The stock market experienced significant volatility on Wednesday, July 16, 2025, ultimately closing higher despite early turbulence. The Dow Jones Industrial Average gained 231 points (0.53%), the S&#038;P 500 rose 0.32%, and the Nasdaq added 0.25%.<\/p>\n<p>Markets initially dropped sharply after rumors that President Trump was considering firing Federal Reserve Chair Jerome Powell, but recovered when Trump later denied the report. This political uncertainty created a rollercoaster trading session that tested investor nerves.<\/p>\n<p>In corporate news, major banks reported strong earnings, with Goldman Sachs, Bank of America, and Wells Fargo posting positive results. However, the semiconductor sector faced pressure after ASML Holding plunged over 8% despite beating quarterly expectations. The Dutch chip equipment giant shocked investors by stating it &#8220;cannot confirm growth in 2026&#8221; due to geopolitical uncertainties and potential tariff impacts.<\/p>\n<p>Johnson &#038; Johnson was a standout performer, surging 6.25% after strong quarterly results. Meanwhile, Nvidia CEO Jensen Huang sold approximately 225,000 shares worth $37 million as part of a previously disclosed plan.<\/p>\n<p>Oil prices continued their downward trend for the third consecutive day as traders assessed the likelihood of a supply glut in the second half of the year.<\/p>\n<p>Looking ahead, investors will focus on upcoming earnings reports, including Tesla&#8217;s results scheduled for July 23. Despite recent volatility, major indices remain in positive territory for 2025, with the S&#038;P 500 up 6.5%, the Dow gaining 4%, and the Nasdaq rising 7.4% year-to-date.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Recap: Volatile Trading Amid Fed Chair Uncertainty The U.S. stock market experienced a roller-coaster session on Wednesday, July 16, 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