Market Turbulence: Wall Street Wobbles Amid Fed Chair Speculation

Global markets faced a tumultuous day as speculation rose about President Donald Trump potentially dismissing Federal Reserve Chair Jerome Powell. Despite Trump categorically denying the rumors, the report stoked investor anxiety, resulting in substantial fluctuations in the financial landscape.

U.S. treasury yields experienced notable drops, while stock indices showed mixed reactions after the rumors circulated. The Dow Jones Industrial Average saw a minor uptick, whereas the S&P 500 and Nasdaq Composite recorded slight declines, showcasing the market's fragile response to conflicting reports.

Meanwhile, economic data revealed that U.S. producer prices held steady, unexpectedly unchanged, stirring discussions about the broader impacts of tariffs on inflation. Amid this backdrop, oil prices dipped, while gold prices surged, buoyed by its safe-haven appeal and ongoing geopolitical uncertainties.

(With inputs from agencies.)