Stocks Rebound After Trump Denies Plans to Remove Fed Chair Powell

U.S. stock futures edged lower Wednesday night after a day of gains prompted by President Donald Trump's denial that he planned to remove Federal Reserve Chairman Jerome Powell. Dow Jones Industrial Average futures slipped by 82 points, or 0.18%, while S&P 500 and Nasdaq 100 futures both declined around 0.2%.

Earlier in the day, the S&P 500 rose 0.32%, the Nasdaq Composite added 0.26%, and the Dow climbed 231.49 points, or 0.53%. Stocks had initially dropped after reports suggested Trump was considering firing Powell, with the Dow falling more than 260 points at its session low. The New York Times reported that Trump had drafted a letter requesting Powell's resignation to present to House Republicans. However, markets rebounded after Trump told reporters he was "not planning on doing it," though he added he does not "rule out anything."

Michael Green, chief strategist at Simplify Asset Management, said the market's recovery indicates investors may be moving past concerns about Powell's potential ouster. > "The only real piece of information, I would argue, that you got today is that firing Powell is not that big of a deal," Green told CNBC. He added that investors are likely to focus on upcoming corporate earnings as the next key driver for markets, with several major companies scheduled to report results before the next opening bell.

Traders are also watching for economic data releases on Thursday, including weekly jobless claims, June's retail sales report, and the latest export and import price indexes.