01:21 PM EDT, 07/16/2025 (MT Newswires) -- US equity indexes rose after midday Wednesday, clawing back intraday declines, amid reports that President Donald Trump has denied plans to fire Federal Reserve Chairman Jerome Powell.

The Nasdaq increased 0.1% to 20,704.1, the S&P 500 climbed 0.2% to 6,253.2, and the Dow Jones Industrial Average advanced 0.3% to 44,141.5. Healthcare and real estate led the gainers intraday, while energy was the steepest decliner.

Hours after President Donald Trump told a room full of Republican lawmakers he would fire Powell, he denied plans to remove the Fed chair from office, CNBC reported Wednesday. "We're not planning on doing it," Trump was cited as saying. "It's highly unlikely."

On Tuesday, Trump asked a group of House Republicans if he should fire Powell, and people in the room voiced approval, according to multiple sources with direct knowledge, CBC News reported Wednesday. Several said Trump indicated he would do it, according to the news report. Bloomberg reported, citing a White House official, that the president planned to remove the Fed chair soon.

This comes as Russell Vought, the chairman of the Office of Management and Budget, sent a letter last week to Powell criticizing him for running over budget for renovations at the Federal Reserve building.

In response, the Fed put up a "frequently asked questions" page about the building project, denying allegations that the renovation included plans for dining rooms, a VIP elevator, or water features for the Eccles Building.

Powell's term is due to come to an end in May next year.

Most US Treasury yields fell, with the two-year Treasury down 5.7 basis points to 3.9% and the 10-year 1.4 basis points lower to 4.48%.

The ICE US Dollar Index fell 0.3% to 98.33 intraday, giving up earlier gains. Gold futures rose 0.6% to $3,357.12 per ounce, clawing back all its intraday declines.

Meanwhile, the Producer Price Index stood pat in June following a 0.3% increase in May, above the 0.2% gain expected in a survey compiled by Bloomberg. After excluding food and energy prices, core PPI held steady, below the 0.2% gain expected and following a 0.4% increase in the previous month, the Bureau of Labor Statistics said.

The PPI was up 2.3% year-over-year in June while core PPI rose by 2.6%, both below their respective May rates.

US industrial production rose 0.3% in June, compared with expectations for a 0.1% increase in a survey compiled by Bloomberg, and following an upwardly revised flat reading in May.

In company news, Goldman Sachs (GS) reported stronger-than-expected Q2 results, buoyed by record equity trading revenue and a surge in investment banking gains.

Bank of America (BAC) reported Q2 earnings that topped estimates while revenue fell short, and Chief Financial Officer Alastair Borthwick said that substantial uncertainty remains around the potential impact of tariffs.

Johnson & Johnson (JNJ) raised its full-year outlook as the healthcare products conglomerate recorded better-than-expected Q2 results, amid double-digit gains from sales of its oncology and cardiovascular products. Shares jumped 6% intraday, the top gainer on the S&P 500 and the Dow.

In energy markets, West Texas Intermediate crude oil futures dropped 1% to $66.29 a barrel.