Overview

• President Trump said he had “talked about the concept of firing” Fed Chair Jerome Powell but later denied any plans to remove him, triggering sharp intraday swings.
• The S&P 500 rose 0.3%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added 0.3% as markets recovered from midday losses.
• The Producer Price Index was unchanged in June, beating expectations and reinforcing signs of cooling wholesale inflation.
• Johnson & Johnson shares jumped about 6.2% after the company beat Q2 earnings estimates and raised its full-year guidance.
• Rigetti Computing’s stock leapt on news of the industry’s largest multi-chip quantum computer while Ford shares fell about 3% on a recall of nearly 694,000 vehicles over potential fuel leaks.