Wall Street rises as Trump eyes Powell’s replacement, fuels market sentiment

US stock markets opened on a strong note on Thursday, June 26, 2025, after President Donald Trump indicated plans to replace Federal Reserve Chair Jerome Powell. The move has strengthened investor expectations of a potential interest rate cut.

Speaking en route to the NATO Summit 2025, Trump said, “I know three or four people whom I gotta pick—he (Powell) goes out pretty soon for sure, cause I think he is terrible.” The statement, reported by the Wall Street Journal, has sparked market optimism over a more dovish Fed leadership.

Under US law, the President nominates the Fed Chair and two vice chairs for a four-year term, subject to Senate approval.

At 9:30 a.m. EDT, the Dow Jones Industrial Average rose by 0.24%, opening at 43,084.07 points, up from the previous close of 42,982.43. By 11:32 a.m. EDT, it had climbed 0.64% to 43,256.34, according to Marketwatch data.

Top gainers included Boeing, Goldman Sachs, Amazon, Caterpillar, JPMorgan Chase, Nike, 3M, UnitedHealth, Honeywell, Travelers, Cisco, Chevron, Disney, Amgen, Nvidia, and American Express.

Meanwhile, top losers for the session were Merck, McDonald’s, Verizon, Visa, Coca-Cola, Walmart, Sherwin-Williams, Apple, and Procter & Gamble.

With Trump's signal of a Fed leadership change, markets are closely watching for further clues on monetary policy direction in the coming weeks.