Please ensure Javascript is enabled for purposes of website accessibility

Wall Street Gains as Trump’s Interim Fed Choice Stokes Dovish Bets

3 hours ago

US, Russia Plan Truce Deal That Would Cement Putin’s Gains in Ukraine, Bloomberg Reports

3 hours ago

Judge Temporarily Halts Construction at ‘Alligator Alcatraz’ Detention Center

21 hours ago

US Issues New Iran-Related Sanctions, Treasury Says

23 hours ago

Netanyahu Says He Wants Israel to Take Control of All of Gaza

24 hours ago

OpenAI Launches GPT-5 as the AI Industry Seeks a Return on Investment

24 hours ago

Americans Divided More Than Ever on Supreme Court and Congress: Gallup Poll

1 day ago

FBI to Track Down Texas Democrats Who Fled Over Redistrict Vote, US Senator Says

1 day ago

Body Recovered from California Aqueduct in Kings County, Authorities Say

1 day ago

Nearly 12,000 Children Under Five in Gaza Have Acute Malnutrition, Says WHO

1 day ago
Wall Street Gains as Trump's Interim Fed Choice Stokes Dovish Bets
Reuters logo
By Reuters
Published 3 hours 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

National Weather Service to Restore Hundreds of Jobs Cut Under Trump

DON'T MISS

Trump Administration Eyes Military Action Against Some Cartels

DON'T MISS

Where the Redistricting Wars Might Go After Texas

DON'T MISS

Donald Trump and John Roberts Have a Lot in Common

DON'T MISS

Valley Crime Stoppers’ Most Wanted Person of the Day: Stephen Kenli Huang

DON'T MISS

US VP Vance Says He’s Not Focused on 2028 Election Talk

DON'T MISS

Israel Faces Backlash at Home and Abroad Over Gaza War Escalation Plan

DON'T MISS

Wall Street Gains as Trump’s Interim Fed Choice Stokes Dovish Bets

DON'T MISS

US, Russia Plan Truce Deal That Would Cement Putin’s Gains in Ukraine, Bloomberg Reports

DON'T MISS

Visalia Roadwork to Close Giddings Street Through December

UP NEXT

Where the Redistricting Wars Might Go After Texas

UP NEXT

Donald Trump and John Roberts Have a Lot in Common

UP NEXT

Valley Crime Stoppers’ Most Wanted Person of the Day: Stephen Kenli Huang

UP NEXT

US VP Vance Says He’s Not Focused on 2028 Election Talk

UP NEXT

Israel Faces Backlash at Home and Abroad Over Gaza War Escalation Plan

UP NEXT

Wall Street Gains as Trump’s Interim Fed Choice Stokes Dovish Bets

UP NEXT

US, Russia Plan Truce Deal That Would Cement Putin’s Gains in Ukraine, Bloomberg Reports

UP NEXT

Visalia Roadwork to Close Giddings Street Through December

UP NEXT

Measure C Consultant Out. Fresno’s Political ‘Jungle’ Tough to Navigate: Mendes

UP NEXT

Judge Arlan Harrell Elevated to Appeal Court

Donald Trump and John Roberts Have a Lot in Common

2 hours ago

Valley Crime Stoppers’ Most Wanted Person of the Day: Stephen Kenli Huang

2 hours ago

US VP Vance Says He’s Not Focused on 2028 Election Talk

3 hours ago

Israel Faces Backlash at Home and Abroad Over Gaza War Escalation Plan

3 hours ago

Wall Street Gains as Trump’s Interim Fed Choice Stokes Dovish Bets

3 hours ago

US, Russia Plan Truce Deal That Would Cement Putin’s Gains in Ukraine, Bloomberg Reports

3 hours ago

Visalia Roadwork to Close Giddings Street Through December

3 hours ago

Measure C Consultant Out. Fresno’s Political ‘Jungle’ Tough to Navigate: Mendes

17 hours ago

Judge Arlan Harrell Elevated to Appeal Court

19 hours ago

Trump Signs Memo Requiring Universities Disclose Admissions Data on Race

19 hours ago

National Weather Service to Restore Hundreds of Jobs Cut Under Trump

The Trump administration is allowing the U.S. National Weather Service to restore most of the hundreds of jobs eliminated by the cost-cuttin...

23 minutes ago

23 minutes ago

National Weather Service to Restore Hundreds of Jobs Cut Under Trump

34 minutes ago

Trump Administration Eyes Military Action Against Some Cartels

Gov. JB Pritzker of Illinois Speaks to Reporters About Reacting to Texas Redistricting
2 hours ago

Where the Redistricting Wars Might Go After Texas

Voters filling out ballots in Manhattan, New York
2 hours ago

Donald Trump and John Roberts Have a Lot in Common

Stephen Kenli Huang is Valley Crime Stoppers' Most Wanted Person of the Day for August 8, 2025. (Valley Crimes Stoppers)
2 hours ago

Valley Crime Stoppers’ Most Wanted Person of the Day: Stephen Kenli Huang

U.S. Vice President JD Vance greets U.S. Marines at the Wilshire Federal Building in Los Angeles, California, U.S., June 20, 2025. (Reuters/Daniel Cole)
3 hours ago

US VP Vance Says He’s Not Focused on 2028 Election Talk

Palestinians inspect the site of a morning Israeli strike on a house, in Gaza City, August 8, 2025. (Reuters/Mahmoud Issa)
3 hours ago

Israel Faces Backlash at Home and Abroad Over Gaza War Escalation Plan

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

Wall Street Gains as Trump’s Interim Fed Choice Stokes Dovish Bets

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

Search

Send this to a friend