Wed Jul 16 15:30:00 UTC 2025: **Trump’s Rumored Powell Firing Sends Stocks Tumbling, Crypto Surges**
**New York, NY** – The stock market took a hit Wednesday after reports surfaced that President Donald Trump is considering firing Federal Reserve Chairman Jerome Powell. A White House official told CNBC that Trump informed GOP lawmakers of his intentions and received their approval. The S&P 500 fell 0.5%, the Nasdaq Composite dropped 0.6%, and the Dow Jones Industrial Average shed 200 points. The news sparked concerns about the independence of the central bank.
Meanwhile, cryptocurrencies experienced a surge, fueled by optimism surrounding Trump-backed crypto legislation. Bitcoin climbed over 2% to $119,172.00, and ether rose more than 5.5% to $3,225.74. Shares of crypto-related companies like Circle and Coinbase also saw gains.
In other news, Johnson & Johnson reported strong earnings, sending its stock up by 4.5%, its best day in over a year. Goldman Sachs also exceeded earnings expectations, propelled by its trading business, causing shares to rise over 1%.
On the downside, ASML’s shares fell more than 6% after issuing disappointing guidance. Bank of America posted better-than-expected earnings, leading to a 1.2% increase in its stock price.
Adding to market uncertainty, Denmark’s Minister for European Affairs criticized President Trump’s proposed 30% tariffs on EU goods.
First Piper 