12:50 PM EDT, 07/16/2025 (MT Newswires) -- (Corrects the day of the week in the first paragraph)

US equity indexes were mixed after midday Wednesday amid growing speculation over the remaining tenure of Jerome Powell as chair of the Federal Reserve.

The Nasdaq fell 0.2% to 20,636.1, and the S&P 500 declined 0.1% to 6,237.8, while the Dow Jones Industrial Average was steady at 44,027.2. Energy led the decliners, while healthcare and real estate were the only gainers intraday.

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 10-year Treasury down 1.1 basis points to 4.48% and the two-year 5.5 basis points lower at 3.9%.

The ICE US Dollar Index fell 0.3% to 98.33 intraday, giving up earlier gains. Gold futures jumped 0.6% to $3,358.11 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.