04:25 PM EDT, 06/26/2025 (MT Newswires) -- US benchmark equity indexes closed higher on Thursday, following media reports that President Donald Trump is considering an early replacement for Fed Chair Jerome Powell.

The Nasdaq was up 1% to 20,167.91 while the S&P 500 increased 0.8% to 6,141.02. The Dow Jones Industrial Average rose 0.9% to 43,386.84. Among sectors, communications led the gainers, and real estate had the steepest decline.

US Treasury yields were lower, with the 10-year rate decreasing 3.4 basis points to 4.26% and the two-year rate falling 7.2 basis points to 3.72%.

August West Texas Intermediate crude oil rose 0.9% to $65.51 a barrel on Thursday.

Trump is contemplating naming Powell's replacement by September or October, which would be earlier than the usual three- to four-month transition period, The Wall Street Journal reported, citing people familiar with the matter. The new chair wouldn't take office until next May, according to the report.

"Trump's desire to 'shadow' the Fed using a designated replacement for (Powell) isn't a good way to promote the perceptions of integrity and autonomy in US policymaking," Macquarie said in a Thursday client note.

In economic news, the US economy contracted more than previously estimated in the first quarter as consumer spending weakened, according to a final estimate released Thursday by the Bureau of Economic Analysis.

"Consumers tightened their wallets a lot more than initially anticipated in the first three months of the year as tariff uncertainty weighed," BMO Capital Markets said.

Pending home sales in the US increased more than projected in May amid gains across all four regions, data from the National Association of Realtors showed.

Weekly applications for unemployment insurance in the US declined more than expected, while continuing claims reached their highest level since November 2021, according to government data.

"Initial jobless claims slipped in the latest week, but layoff notices suggest we could see a pickup in job losses and initial claims in the weeks ahead," Oxford Economics said.

In company news, Enphase Energy ( ENPH ) shares were up 13%, the top gainer on the S&P 500, after a Bloomberg report said that lawmakers are talking about changes to a provision in President Donald Trump's spending bill that will cancel tax credits for rooftop panels. Sunrun ( RUN ) , SolarEdge ( SEDG ) , and First Solar ( FSLR ) were up 6.5%, 5.1% and 1.9%, respectively.

Coinbase Global ( COIN ) shares jumped 5.5% after Oppenheimer raised its price target on the company's stock to $395 from $293 and maintained an outperform rating.

Equinix ( EQIX ) shares were down 9.6%, the steepest decline on the S&P 500, after the company said it expects annual revenue growth of 7% to 10% through 2029. BofA Securities, HSBC, and TD Cowen were among the firms to lower their respective price target for the company.

Gold increased 0.1% to $3,346 per troy ounce, while silver was up 1.2% to $36.53 per troy ounce.