U.S. Treasury yields moved lower on Wednesday as investors awaited more inflation data and considered the impacts of tariffs on consumer prices.

U.S. stocks opened moderately higher on Wednesday, boosted by a tamer-than-expected inflation reading and blowout quarterly results from big banks.

Stock futures are little changed Wednesday ahead of the release of wholesale inflation data as earnings reports from banks and other major companies stream in.

Stocks were taken on a wild ride Wednesday as a White House official indicated to CNBC that Trump was moving closer to firing Powell from his post as Fed Chair.

From the technical point of view, SP500 needs to settle above the resistance level at 6280 – 6290 to gain additional upside momentum in the near term. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge. If SP500 settles above the 6290 level, it will head towards the 6350 level.

Fresh data Tuesday from the consumer-price index showed ”some early signs” of the impact from tariffs, but inflation on the whole remained “muted,” according to Goldman Sachs Asset Management’s Kay Haigh.

MSCI's global equities index lost ground on Tuesday after touching a record high, while U.S. Treasury yields hit their highest level in more than a month, as investors digested a slight rise in U.S. inflation and took a mixed view of quarterly results from big banks.

Key Background. Core inflation did not register at 3.9% or higher from 1993 to 2020, putting in perspective the continuously high inflation pervading the U.S. economy since the COVID-19 pandemic.

Worsening inflation poses a political challenge for Trump, who as a candidate, promised to immediately lower costs, but instead has engaged in a whipsawed frenzy of tariffs that have jolted businesses and consumers.