US stocks fall on Trump-Powell reports

16/07/2025 Argaam

US stocks reversed course and turned lower today, July 16, after reports emerged that former President Donald Trump plans to remove Federal Reserve Chair Jerome Powell if re-elected.

 

The Dow Jones Industrial Average slipped 0.25%, or 109 points, to 43,914 as of 6:43 p.m. Makkah time.

 

The S&P 500 lost 0.30%, or 18 points, to 6,225. The Nasdaq Composite declined 0.35%, or 74 points, to 20,603.

 

A White House official told US media that Trump informed Republican lawmakers of his plan to fire Powell, with the lawmakers reportedly backing the move.

 

Separately, data from the US Labor Department showed the Producer Price Index rose 2.3% year-on-year (YoY) in June, down from 2.7% in May.

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