El-Erian, president of Queens' College at Cambridge University, said he was aware that his view did not align with the Wall Street consensus.

Powell's speech today focused on bank regulations, not rate cuts leaving markets guessing on Fed policy's next big move.

Tesla expected to post double-digit declines in earnings, sales. Fed chief Powell speech in focus as central bank independence worries grow. Top tail risks and most crowded trades.

That helped to offset big gains for some homebuilders after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 14.5%, and PulteGroup rose 9.2%. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates and an uncertain economy.

Changing the way the Federal Reserve operates or assesses the economy may have a more durable impact on policy and markets than firing the Fed boss.

Top voices on Wall Street have expressed alarm over the idea that Trump could fire Fed Chair Jerome Powell, emphasizing the need for Fed independence.

Wall Street's biggest bull sees tech and AI driving an 11% stock gain, fueled by strong fundamentals, M&A activity, and consumer spending through 2025.

Meanwhile, the odds of a cut coming at the next Fed meeting stand at less than 3%. Put another way, the market gives a 97% chance to the Fed standing pat when it meets in late July.

Wall Street is hanging around its records following some mixed profit reports, as General Motors and other big US companies give updates on how much President Donald Trump’s tariffs are hurting or helping them.

A healthy crop of earnings helped European stocks bust out of a four-day losing streak on Thursday, Wall Street was watching Netflix and the dollar bounced after U.S. President Donald Trump quashed talk he was about to fire Fed head Jerome Powell.