S&P 500 & Nasdaq near records, Trump trolls Powell on rates: Live Updates
U.S. stocks have recovered nearly all the losses from April’s lows with the S&P 500 and Nasdaq Composite just shy of new records. Federal Reserve Chairman Jerome Powell hints on interest rates as President Trump hurls more insults at the central banker. FOX Business providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Traders work on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks closed mixed on Wednesday as investors eye easing Middle Eastern tensions.
The Dow Jones Industrial Average fell 106.59 points, or 0.25%, while the Nasdaq climbed 0.31%. The S&P 500 remained near a record high, finishing little changed.
The fragile truce between Israel and Iran continued to hold after U.S. strikes on key Iranian nuclear facilities over the weekend.
Meanwhile, Federal Reserve Chairman Jerome Powell, in his second straight day of congressional testimony, reiterated to the Senate Banking Committee that the central bank is well-positioned to wait to cut interest rates until the inflationary effects of Trump's wide-ranging tariffs are better known.
Reuters contributed to this report
Bitcoin wrapped its best three day stretch since the three days ending April 23, 2025 when it rose 10.54%, according to Dow Jones Market Data Group.
So far, the largest crypto by market value, has gained 15.42% year to date but remains down 3.72% from its all-time intraday high of $111,986.44 reached on May 22, 2025.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| BMBL | $6.46 | 1.25 | 24.09 |
Dating site Bumble, which allows the female to choose a partner first, is cutting workers.
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"On June 23, 2025, the Board of Directors of Bumble Inc. approved a reduction in the Company’s global workforce by approximately 240 roles, representing approximately 30% of the Company’s employees, as the Company realigns its operating structure to optimize execution on its strategic priorities. As a result, the Company expects to incur approximately $13 million to $18 million of non-recurring charges, consisting primarily of employee severance, benefits, and related charges, for impacted employees. Substantially all of these charges are expected to result in future cash outlays" the company disclosed in a filing with the Securities and Exchange Commission.
Shares jumped on 20% on the news.
The National Transportation Safety Board (NTSB) placed blame for the mid-air door blowout on a Boeing Alaska Airlines plane last year.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| BA | $198.92 | -2.02 | -1.01 |
| ALK | $48.56 | -1.00 | -2.02 |
Trading Economics
West Texas Intermediate crude oil recovered on Wednesday closing above the $65 per barrel level as traders monitor the tense situation in the Middle East as Israel and Iran remain in a ceasefire.
Microsoft is eyeing a big chunk of layoffs in a key growth area for the tech giant. This as the stock hits a new all time high.
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| Symbol | Price | Change | %Change |
|---|---|---|---|
| BP | $30.93 | 1.10 | 3.69 |
Shell SHEL.L is in early talks to buy rival, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
BP's shares rose on the news. Talks between company representatives are active and BP is considering the approach carefully, the report added.
BP was valued at nearly $80 billion as of Wednesday while Shell had a market capitalisation of over $208 billion.“As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification,” a Shell spokesperson said.
BP spokesperson declined to comment. Potential terms of any deal could not be learned and a tie-up is far from certain, the report said.
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President Donald Trump, speaking from NATO, gave another verbal bash and threat to Federal Reserve Jerome Powell.
"I know within 3 or 4 people who I'm going to pick. I mean, he goes out pretty soon, unfortunately, because I think he's terrible. We have no inflation. We have a tremendous economy. Hundreds of billions of dollars of tariff money is pouring in. Factories are being built because they don't want to pay the tariffs. So they're building all over the country" he said in answer to a question.
This coincides with Powell's second day of testimony before Congress. He remains on message, reiterating a wait and see approach to any future rate cuts.
The S&P 500, the broadest measure of the U.S. stock market, is nearing a fresh record high, erasing all the losses from the April lows and returning to the February high of 6,144.15.
Tech giants Nvidia and Microsoft are also hitting fresh record levels along with the Nasdaq 100.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NVDA | $152.76 | 4.86 | 3.28 |
| MSFT | $493.16 | 3.05 | 0.62 |
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