The S&P 500 was up 0.1% in early trading Thursday. The Dow Jones Industrial Average was up 81 points, and the Nasdaq composite added 0.1% to its record set the day before. PepsiCo rose 7% after the beverage and snack giant’s second-quarter sales and profit topped Wall Street projections.

U.S. stock index futures barely budged on Thursday, as results from Taiwan's TSMC failed to shake investors from their cautious mood following a rollercoaster session marked by concerns about the Federal Reserve's independence.

The New York Times said Trump waved a draft letter firing Powell at an Oval Office meeting late Tuesday. Trump had gathered a group of Republicans that had blocked a procedural vote that would have advanced crypto legislation, to convince them to let the legislation advance. Odds of Powell being fired surged to 40% on prediction market Kalshi.