Please ensure Javascript is enabled for purposes of website accessibility

Texas Gov. Greg Abbott Signs Law Redrawing Congressional Maps

29 minutes ago

US Air Force will Offer Military Funeral Honors to Slain Capitol Rioter

2 hours ago

US Republican Senator Joni Ernst Will Not Run for Re-Election, CBS News Reports

3 hours ago

Wall Street Falls as Dell, Nvidia Drive Tech Losses

3 hours ago

US Denies Visas to Palestinian Officials Ahead of UN General Assembly

5 hours ago

Minneapolis Children Revealed Courage, Absorbed Fear During Church Shooting

24 hours ago

Ford Recalls Nearly 500,000 Vehicles Over Brake Fluid Leak

1 day ago

Fresno-Bound Passenger Says Delta Attendant Slapped Him, Seeks $20M

1 day ago
Wall Street Gains as Trump's Interim Fed Choice Stokes Dovish Bets
Reuters logo
By Reuters
Published 3 weeks ago on
August 8, 2025

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 15, 2025. (Reuters File)

Share

Getting your Trinity Audio player ready...

Wall Street rose on Friday, setting up a strong finish to the week, after President Donald Trump’s interim pick for a Fed governor post fueled expectations of a more dovish policy ahead.

At 9:34 a.m. ET, the Dow Jones Industrial Average rose 134.42 points, or 0.31%, to 44,103.06, the S&P 500 gained 17.22 points, or 0.27%, to 6,357.22 and the Nasdaq Composite advanced 44.83 points, or 0.21%, to 21,287.53.

Trump moved to reshape the Fed on Thursday, nominating Council of Economic Advisers’ chair Stephen Miran for a short-term board seat after Adriana Kugler’s abrupt exit—and narrowing his shortlist to replace Jerome Powell, whose term ends May 15.

On the same day, Bloomberg News reported that Fed Governor Christopher Waller was emerging as a leading contender for the chair.

Investors were being whipsawed by mixed signals over the Fed’s future, as Trump’s pressure stirs worries about the central bank’s independence and a potential leadership reshuffle that could skew policy looser.

“The reality is the president can’t force a chair to step down or put any additional pressure to make the governors to force rates lower. This is about him putting in folks who are going to be more dovish and ultimately (lead) to deeper rate cuts, whether they’re justified or not,” said Phil Blancato, CEO, Ladenburg Thalmann Asset Management.

In earnings-related moves, Expedia leapt 9.7% after raising its annual forecast for gross bookings and revenue growth.

Monster Beverage gained 9% as the company beat estimates for its second-quarter results.

Gilead Sciences jumped 8.9% following its raising of the full-year financial outlook.

Trade Desk sank 38% in after the ad-tech firm reported a sharp slowdown in second-quarter revenue growth.

Pinterest Tumbles

Pinterest tumbled 11.5% as the social media platform missed analysts’ estimates for second-quarter profit.

Sector-wise, consumer discretionary could top the leaderboard this week, while healthcare lags, weighed down mainly by Eli Lilly. The drugmaker fell 14.1% in the previous session after results from a late-stage study on its experimental GLP-1 pill fell behind that of Novo Nordisk’s.

On the day, all sectors were trading in the green.

Meanwhile, both the S&P 500 and the Nasdaq were on track for their best week in over a month, while the Dow was on track to log modest gains. Equities have ridden a dramatic reset in rate expectations and a flurry of upbeat earnings.

Traders now peg a 90% chance of the first rate cut hitting next month, according CME’s Fedwatch tool, with futures pointing to at least two cuts by year-end.

U.S. tariffs on a bunch of trading partners took effect at midnight on Thursday. Tokyo’s trade negotiator said Washington will amend a presidential executive order to remove overlapping tariffs on Japanese goods, terming it as oversight.

In a rebuke to Washington, New Delhi shelved fresh U.S. arms and aircraft purchases, according to three Indian officials, after Trump-era tariffs pushed relations to their lowest point in years.

St. Louis Fed President Alberto Musalem is scheduled to speak later at 10:20 a.m. ET.

Advancing issues outnumbered decliners by a 2.33-to-1 ratio on the NYSE and by a 1.63-to-1 ratio on the Nasdaq.

The S&P 500 posted 11 new 52-week highs and two new lows, while the Nasdaq Composite recorded 38 new highs and 32 new lows.

(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by Maju Samuel)

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Texas Gov. Greg Abbott Signs Law Redrawing Congressional Maps

DON'T MISS

Trump Cancels $4.9 Billion in Foreign Aid, Escalating Spending Fight with Congress

DON'T MISS

U.S. News Releases Best High School Rankings. How Did Fresno Schools Do?

DON'T MISS

Trump Ends Security Protection for Former Vice President Harris

DON'T MISS

Fresno Labor Day Traffic Alert for Motorists Using Maroa Avenue

DON'T MISS

Turkey Bars Israeli Ships from Its Ports and Restricts Airspace

DON'T MISS

UK, France, Germany Urge Iran to Agree to Deal to Delay UN Sanctions

DON'T MISS

US Air Force will Offer Military Funeral Honors to Slain Capitol Rioter

DON'T MISS

Fresno State Coordinators Outline Bulldog Bounceback for Georgia Southern

DON'T MISS

Gentle Sweet Sasha Is Guaranteed to Steal Your Heart

UP NEXT

Fresno Labor Day Traffic Alert for Motorists Using Maroa Avenue

UP NEXT

Fresno State Coordinators Outline Bulldog Bounceback for Georgia Southern

UP NEXT

Gentle Sweet Sasha Is Guaranteed to Steal Your Heart

UP NEXT

Clovis Police to Increase DUI Patrols on Labor Day Weekend

UP NEXT

US Republican Senator Joni Ernst Will Not Run for Re-Election, CBS News Reports

UP NEXT

Wall Street Falls as Dell, Nvidia Drive Tech Losses

UP NEXT

Israeli Military Says Local Tactical Pause Will Not Apply to Gaza City

UP NEXT

Microsoft Fires Four Workers for on-Site Protests Over Company’s Ties to Israel

UP NEXT

Fresno County Garnet Fire Grows to 16,467 Acres. 1,100 Personnel on Site

UP NEXT

US Consumer Spending Strong in July, Services Inflation Warms Up

Trump Ends Security Protection for Former Vice President Harris

1 hour ago

Fresno Labor Day Traffic Alert for Motorists Using Maroa Avenue

1 hour ago

Turkey Bars Israeli Ships from Its Ports and Restricts Airspace

1 hour ago

UK, France, Germany Urge Iran to Agree to Deal to Delay UN Sanctions

2 hours ago

US Air Force will Offer Military Funeral Honors to Slain Capitol Rioter

2 hours ago

Fresno State Coordinators Outline Bulldog Bounceback for Georgia Southern

2 hours ago

Gentle Sweet Sasha Is Guaranteed to Steal Your Heart

3 hours ago

Clovis Police to Increase DUI Patrols on Labor Day Weekend

3 hours ago

US Republican Senator Joni Ernst Will Not Run for Re-Election, CBS News Reports

3 hours ago

Wall Street Falls as Dell, Nvidia Drive Tech Losses

3 hours ago

Texas Gov. Greg Abbott Signs Law Redrawing Congressional Maps

Texas Gov. Greg Abbott on Friday signed into law a bill to redraw the state’s congressional maps at the behest of President Donald Tru...

29 minutes ago

29 minutes ago

Texas Gov. Greg Abbott Signs Law Redrawing Congressional Maps

30 minutes ago

Trump Cancels $4.9 Billion in Foreign Aid, Escalating Spending Fight with Congress

Fresno area schools on U.S. News's Best High School Ranking
36 minutes ago

U.S. News Releases Best High School Rankings. How Did Fresno Schools Do?

1 hour ago

Trump Ends Security Protection for Former Vice President Harris

railroad crossing
1 hour ago

Fresno Labor Day Traffic Alert for Motorists Using Maroa Avenue

1 hour ago

Turkey Bars Israeli Ships from Its Ports and Restricts Airspace

2 hours ago

UK, France, Germany Urge Iran to Agree to Deal to Delay UN Sanctions

2 hours ago

US Air Force will Offer Military Funeral Honors to Slain Capitol Rioter

Search

Help continue the work that gets you the news that matters most.

Send this to a friend