07:21 AM EDT, 06/26/2025 (MT Newswires) -- US equity markets were trending upwards before Thursday's opening bell as traders digest Federal Reserve Chair Jerome Powell's latest remarks and President Trump's comments on the monetary policy chief, while also looking out to some key economic data.

The S&P 500 and the Nasdaq were each slightly in the green before the opening bell, while the Dow Jones Industrial Average ticked down 0.1%. The Dow closed Wednesday in the red, snapping a three-day winning streak, while the Nasdaq finished higher for the third consecutive session.

Powell reportedly told the Senate Committee on Banking, Housing and Urban Affairs on Wednesday that there will be "some inflation" from tariffs in the coming months. The levies are expected to cost hundreds of billions of dollars annually, and "some of that is going to fall on the consumer," according to the Fed Chair. "We're just kind of waiting to see more data on that."

Earlier in the week, Powell told the House Committee on Financial Services that the central bank can continue to wait and evaluate how the US economy responds to policy changes before it adjusts its monetary policy.

President Donald Trump told reporters on Wednesday that he is considering replacing Powell and has three or four potential candidates in mind, according to Reuters. Trump has criticized Powell for not lowering interest rates sooner. Trump is considering speeding up plans to name a replacement for Powell, who still has almost a year left in his term, the Wall Street Journal reported, citing sources.

US Treasury yields were down premarket, with the two-year rate retreating 2.3 basis points to 3.76% and the 10-year rate declining 2 basis points to 4.27%.

The final estimate for the first-quarter gross domestic product posts at 8:30 am ET. Reports for durable goods orders, the international trade in goods, retail inventories and wholesale inventories and the pending home sales index, all for May, are also due on Thursday's economic calendar, along with the weekly jobless claims bulletin.

Fed Governor Michael Barr is slated to speak at 1:15 pm. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Richmond Fed President Thomas Barkin also speak Thursday.

Investors are also preparing for the personal income and outlays report for May on Friday. The report includes the personal consumption expenditure core price index, the Fed's preferred inflation metric.

Shares of Micron Technology ( MU ) were up 2.1% pre-bell after the semiconductor manufacturer issued an upbeat fiscal fourth-quarter outlook, following better-than-expected results in the prior period. Nvidia ( NVDA ) added 1.2% after closing Wednesday with a 4.3% rise.

McCormick ( MKC ) , Walgreens Boots Alliance ( WBA ) , Acuity (AYI) and Lindsay (LNN) are scheduled to report their latest financial results before the bell, among others. Sportswear giant Nike (NIKE) releases its earnings after the markets close.

West Texas Intermediate crude oil inclined 0.2% to $65.06 a barrel before the open. Commercial crude stockpiles in the US shrank last week as motor gasoline and distillate fuel posted draws, the Energy Information Administration said Wednesday.

Gold rose 0.3% to $3,354 per troy ounce, while bitcoin decreased 0.4% to $107,410.