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Wall Street steady today but CSX J&J gains: US stock market futures today: Dow, S&P 500, Nasdaq steady as Trump-Powell drama shakes Fed, top stocks like CSX and J&J rally while Micron, ADM tumble - The Economic Times

Published 4 days ago6 minute read
Business NewsNewsInternationalUS NewsUS stock market futures today: Dow, S&P 500, Nasdaq steady as Trump–Powell drama shakes Fed, top stocks like CSX and J&J rally while Micron, ADM tumble
US stock market futures today: Dow, S&P 500, Nasdaq steady as Trump–Powell drama shakes Fed, top stocks like CSX and J&J rally while Micron, ADM tumble
Global Desk

US Stock market today shows muted moves as Dow, S&P 500, and Nasdaq futures trade flat while Wall Street reacts to political tension between President Trump and Fed Chair Jerome Powell. Investors are also watching June retail sales data and Netflix earnings, both expected to impact market sentiment. The drama over Powell’s possible dismissal added midweek volatility, though Trump later downplayed any immediate action. Meanwhile, earnings from TSMC and PepsiCo will also shape Thursday’s market tone. With record highs in sight, traders remain cautious ahead of key data and corporate results. Read on for full insights into today’s market drivers.

US stock market futures flat as Trump-Powell tension rattles Wall Street ahead of retail sales data and Netflix earnings
Wall Street futures opened on a cautious note this Wednesday, July 17, as investors weighed a fresh wave of political and economic uncertainty. While the major indexes — the Dow Jones, S&P 500, and Nasdaq — held relatively steady, the market mood remained tense following reports of Trump’s alleged clash with Fed Chair Jerome Powell and his looming global tariff plans. Amid this backdrop, stocks like CSX and Johnson & Johnson surged on strong earnings, while Micron and Archer-Daniels-Midland dragged down tech and commodity-linked sectors.
US Stock market today opened on a cautious note, with futures for the Dow Jones, S&P 500, and Nasdaq showing little movement early Thursday. The mood on Wall Street remained tense as President Donald Trump reignited speculation about firing Federal Reserve Chair Jerome Powell, adding fresh political drama to an already busy earnings and economic data week. Meanwhile, investors are watching closely for June retail sales data and Netflix (NFLX) earnings, two key events that could shape near-term market sentiment. As of pre-market trading on July 17:

In short, futures are muted but stable, reflecting cautious optimism ahead of new economic data and earnings.


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President Trump’s public frustration with Fed Chair Jerome Powell resurfaced this week, triggering market jitters on Wednesday. Stocks sold off midday after reports circulated that Trump might fire Powell — something he’s previously threatened. However, markets quickly bounced back when Trump clarified he’s “not planning” to take such action, at least for now.

Still, this drama isn't new. Trump has long criticized the Fed for its handling of interest rates, urging it to cut more aggressively. According to the CME Group’s FedWatch Tool, almost 100% of traders are betting that the Fed will hold rates steady at its next meeting, despite mixed signals on inflation.

Investors are now left trying to balance political uncertainty with expectations for steady policy — a tricky tightrope that’s keeping market moves limited ahead of major announcements.

Trump vs. Powell: Central bank independence rattled?

Markets briefly dipped yesterday after reports emerged that President Trump considered firing Federal Reserve Chair Jerome Powell—a move that could shake investor confidence in Fed independence. Though Trump later denied the rumor, the episode triggered a jump in Treasury yields and some dollar weakness, showing how sensitive markets are to Fed leadership uncertainty.

Tariff storm ahead: What’s Trump planning?

Adding fuel to the fire, Trump also confirmed he will roll out a sweeping “tariff barrage” starting August 1, targeting over 150 countries. This includes: Economists warn this could , especially after June's CPI came in hotter at , driven in part by import-sensitive goods.
Here are the top pre-market gainers as of July 17:
CompanyPrice% Gain
$35.50 (Railroad earnings boost)
$388.18 (AI & enterprise software strength)
$266.88
$63.44
$137.50 (Consumer staples recovery)

Other early risers include Hewlett Packard Enterprise, GE Vernova, Blackstone, and Tesla.

In the broader S&P 500, Johnson & Johnson also surged +6.2%, and Global Payments (GPN) rallied +6.5%, showing investor confidence in healthcare and fintech.

Here are the top pre-market losers as of this morning:
CompanyPrice% Loss
$50.70
$126.43
$111.90
$44.00
$225.00

Also dropping: , , , , and Enphase Energy.

These declines suggest cyclicals, semiconductors, and banks are under pressure from macro fears and tariff anxiety.


Another critical market driver Thursday is the release of June retail sales — a direct look at how American consumers are spending. Economists expect a slight rebound in spending after a dip in May, where early purchases ahead of potential tariff-driven price hikes caused a short-term pullback.

Major banks reporting earnings this week, including JPMorgan Chase, Bank of America, and Citigroup, all suggested that consumers are still relatively healthy. However, any softness in June’s numbers could raise concerns about consumer resilience in the face of inflation and policy uncertainty.

Netflix (NFLX) will report quarterly earnings after the bell Thursday, marking the first of the big tech names to post results this season. Shares of Netflix have surged in 2025, riding high on optimism around new content launches and global subscriber growth.

The market will be watching Netflix’s performance closely, especially its subscriber growth, ad-supported tier expansion, and international revenue trends. The results could set the mood for upcoming earnings from Apple, Microsoft, Google (Alphabet), and Amazon — all key drivers of this year’s tech rally.

Beyond Netflix, Thursday also brings key earnings from Taiwan Semiconductor Manufacturing Company (TSMC) and PepsiCo (PEP). TSMC, a major chip supplier for Apple and others, is expected to give important insight into the global semiconductor supply chain and tech demand. PepsiCo, on the other hand, will provide clues on consumer staples spending and inflation pressures on household goods.

These early earnings will help shape expectations for the broader earnings season, especially as companies face tighter margins, changing consumer behavior, and unpredictable policy shifts.

Right now, Wall Street is moving cautiously. The Trump–Powell tension and aggressive tariff strategy are raising red flags for investors, especially with inflation already heating up. While some sectors like railroads, healthcare, and AI-driven tech are doing well, others like banks, consumer goods, and semiconductors are taking a hit.

Investors are watching closely for signs that trade policy could derail the soft-landing narrative.

What's next for the stock market amid mixed signals?

As it stands, the US stock market is holding near record highs — but it's walking a tightrope. Political risk, uncertain economic data, and high valuations are keeping traders cautious. With inflation data sending mixed messages and the Fed unlikely to budge in the near term, much will depend on how companies perform this quarter.

And with Trump once again turning his attention to the Federal Reserve, Wall Street will likely keep one eye on earnings and the other on political headlines coming out of Washington.

Q1: What is the latest update on the stock market today?
Dow, S&P 500, and Nasdaq futures are mostly flat amid Trump-Powell tensions and earnings watch.

Q2: Why are investors watching Netflix earnings today?
Netflix is the first Big Tech name to report, and its results may set the tone for tech stocks.

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