In his second day of testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell again said that President Trump's tariffs could fuel inflation, arguing the central bank is in good position to "wait" and see their effects.

Though Powell said "inflation's in a really good place," he added that "there will be some inflation from tariffs coming, not yet, but over the course of the coming months."

"And I think it is reasonable to expect that because someone has to pay," he said. "This is hundreds of billions of dollars of tariffs we're taking in. Some of that's going to fall on the consumer."

The S&P 500 (^GSPC) pulled back from slight gains, down just over 0.1%. The Dow Jones Industrial Average (^DJI) dropped 0.4%, while the Nasdaq Composite (^IXIC) was up 0.1%.

Markets had gotten a boost Tuesday from Powell's comments to Congress, when he said policymakers could act "sooner rather than later" on rate cuts.

Coinbase (COIN) stock rose as much as 3% Wednesday, with shares trading near $358 — just above their record close from November 2021.

Yahoo Finance's Ines Ferré reports:

Read the full story here.

Campbell's Company stock (CPB) fell over 2% Wednesday and was on track to close at its lowest level since June 2012.

Shares of the Campbell's Soup maker have dropped nearly 29% over the past year, while the S&P 500 (^GSPC) has gained more than 11%.

The company's earnings have declined in each of the past three quarters. In March, the stock dropped after Campbell's cut its full year outlook, citing softer demand for its snack brands, which include Goldfish and Kettle chips.

On Tuesday, the company's largest shareholder, Mary Alice Dorrance Malone, passed away at the age of 75.

Bank of America analyst Vivek Arya said in a report Wednesday that artificial intelligence could boost the AI data center market to $823 billion by 2030, up from $256 billion in 2025.

“We expect every major country/region to invest in creating its independent 'sovereign' AI factory, trained in local language, culture, generating high-tech employment, and serving critical healthcare, defense, industrial, financial and cyber needs,” Arya wrote.

Some $650 billion of that market would go to AI chips alone, up from $201 billion in 2025. Nvidia (NVDA) is set to be a “key beneficiary” as it’s “still far ahead” of new entrants in the sector, Arya said.

To be sure, tech companies are still in the process of figuring out how to monetize AI and are raking in far less revenue than they’re spending to build the tech.

For example, a separate analysis from Bank of America on Monday showed that Google’s AI subscriptions are set to drive $4.2 billion in subscription revenue within its Google Cloud segment in 2025. Meanwhile, Google parent Alphabet (GOOGL, GOOG) has said it will spend $75 billion in 2025, driven by its investments in AI.

BP (BP) stock soared as much as 8% on Wednesday after the Wall Street Journal reported the British oil giant is in early talks to be acquired by its European rival Shell (SHEL).

According to the report, an agreement would mark a landmark deal between the two energy super majors, valued at $80 billion.

BP stock pared gains to rise 1.% after a Shell spokesperson said, “As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification.”

BP declined to comment on the report.

Earlier this year, the company announced it would increase oil and gas investments and target divestments to support a stronger balance sheet as the company pivoted its focus back to its core business of oil and gas while lowering spending on renewables.

Over the past year, BP came under increasing activist investor pressure to put profits before climate initiatives.

Micron (MU) stock dipped 1.7% ahead of the chipmaker’s third quarter earnings report, which is scheduled to be released after the bell Wednesday. Despite the modest decline, the stock is up 50% for the year.

Micron sells its high bandwidth memory (HBM) chips to companies such as Nvidia (NVDA) to use within graphics processing units in AI data centers. It also sells other kinds of memory chips that firms like Apple (AAPL) use in consumer electronics.

“HBM demand trends remain robust with strong visibility and AI capital expenditure spending,” JPMorgan analyst Harlan Sur wrote in an earnings preview June 20 of the company, maintaining his Overweight rating on Micron stock.

Wall Street analysts expect Micron to report earnings per share of $1.60 for its third quarter, up 158% from the previous year, and revenue of $8.85 billion, a roughly 30% jump from the year-ago period.

Two weeks ago, Micron joined a slew of tech companies bolstering their investment in US manufacturing amid broader pressure on the sector from President Trump. Micron said it will invest an additional $30 billion in the US as it looks to build out its manufacturing and research and development facilities in Idaho and New York, bringing its total US manufacturing and R&D investments up to roughly $200 billion,

Yahoo Finance's Ben Werschkul and Jennifer Schonberger reports:

President Trump told reporters that he is actively considering replacements for Federal Reserve Chairman Jerome Powell, and that he is down to three or four candidates.

"I know within 3 or 4 people who I’m going to pick," he told reporters adding of Powell "he goes up pretty soon fortunately because I think he's terrible." Powell’s term as chair expires in May 2026.

The comments from the president during a press conference in the Netherlands came at the same time as Powell sat before Senate lawmakers about 3,800 miles away in Washington for his second day of regularly scheduled testimony before Congress.

The consideration of Powell successors comes after a period of intensifying pressure from Trump to consider rate cuts as the chairman’s guarded wait-and-see monetary policy stance continues to inflame tensions with the White House.

Trump’s comments on Wednesday didn’t address the question of whether he is looking to fire Powell or announce his final pick quickly in part to undercut Powell’s authority for the remainder of his term.

Read more here.

Tesla (TSLA) stock fell more than 5% on Wednesday as its sales in the European Union fell for a fifth-straight month.

In May, Tesla's new EU car registrations, a proxy for vehicle sales, tumbled 41% compared to the prior year.

This pushed shares of the EV maker lower despite a broader tech rally that included rises in each of the other "Magnificent Seven" tech stocks. More broadly, Tesla was one of the few large cap stocks in the red within the Nasdaq 100 (^NDX) which added about 0.4%

Yahoo Finance's Anjalee Khemlani reports:

Read more here.

US stocks traded steady on Wednesday, as the S&P 500 (^GSPC) kept a bid for record highs in play amid revived hopes for interest rate cuts and the US-brokered ceasefire between Iran and Israel.

The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising about 0.6%, while the S&P 500 added more than 0.2%. The Dow Jones Industrial Average (^DJI) hovered just above the flat line.

Reddit stock (RDDT) jumped 5% premarket Wednesday after gaining roughly 5% the previous day.

Shares of the social media platform have seen a massive upswing since early June. The stock is up 40% for the month through Tuesday's trading session, and Wednesday's rise would add to that climb.

Part of that upswing came as the company launched new AI tools at the Cannes Lions festival and after a recent analysis showed that Reddit is the second-most-cited website in Google (GOOG, GOOGL) AI overviews.

Despite Reddit stock's climb this week, shares are still down nearly 14% for the year. The social media stock has suffered as changes to Google's Search algorithm have spurred ongoing concerns among investors over its user traffic.

Citing an industry contact, RBC Capital Markets analyst Brad Erickson said that "spend on Reddit is expected to grow as brands recognize the importance of maintaining a presence on the platform," especially as AI models impact advertisers by reducing Search traffic to websites.

Erickson, who maintained his Sector Perform rating on the stock, also noted that Reddit is cracking down on multiple users using the same account, which could be a "tailwind" for traffic.

Deutsche Bank analyst Benjamin Black said in a note to clients on June 18 that Reddit has "a viable strategy to reduce the current top-of-funnel user volatility," as "there appears to be a renewed push to diversify user acquisition channels to platforms beyond Google." Black reiterated his Buy rating on the stock.

Nvidia (NVDA) stock rose nearly 1% premarket Wednesday as shares eyed their record closing price of $149.43 in what would be a remarkable turnaround in the first half of the year.

Shares had jumped 2.6% Tuesday and are up nearly 13% over the past month.

The AI chipmaker’s stock has seen a significant upswing following its first quarter earnings in late May, which featured revenue that beat Wall Street’s expectations and showed the company continuing to thrive despite a new export ban on sales of its chips to China, one of its largest markets.

Read the full story here.

US-listed shares of BlackBerry (BB) spiked 10% in premarket trading on Wednesday after the cybersecurity firm posted better-than-expected revenue in its fiscal first quarter and raised its revenue outlook.

The Canadian company sees its fiscal year 2026 revenue in a range of $508 million to $538 million, up from its earlier outlook of $504 million to $534 million. It reiterated its outlook for adjusted earnings per share of $0.08 to $0.10.

BlackBerry reported a net income of $1.9 million for the quarter, returning it to GAAP profitability for the first time since its 2022 fiscal year.

Reuters reports:

Read more here.

General Mills (GIS) is the latest major food company to signal weakness in snacking and consumer packaged goods.

The Pillsbury owner's full-year profit forecast was weaker than expected as consumers pulled back on buying snacks and refrigerated baked goods last quarter.

Net sales in North America declined 10%, though sales in its pet segment rose 12%, Reuters reported. General Mills expects its adjusted profit to be down 10% to 15% for the full year.

My colleague Brooke DiPalma reported that consumers have become choosier about spending on snacks — a trend that has only gotten worse as the year goes on. Shoppers have been buying less, searching for better deals, making fewer impulse purchases, and trading down to private label brands more often as tariff uncertainty and inflation shape spending patterns.

General Mills' stock fell over 3% following the release of its fiscal fourth quarter results.

Read more here.

Options positions show traders are boosting bets that the benchmark US bond yield will sink to its lowest level since April, per Bloomberg.

They're piling in as Federal Reserve officials hint at openness to interest-rate cuts and Middle East tensions fuel uncertainty.

Bloomberg reports:

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Shares of QuantumScape (QS) soared 35% premarket on Wednesday after the company announced a breakthrough in its process for manufacturing solid-state batteries for electric vehicles and other uses.

In a release, QuantumScape said its Cobra process is designed to make production faster and more energy-efficient while requiring a smaller equipment footprint.

The company is one of several companies racing to commercialize the production of solid-state lithium-metal batteries that have improved energy density, charge times, and safety. Volkswagen (VWAGY) was an early investor in the startup, and QuantumScape is reported to have partnerships with other automakers as well.

"By significantly improving throughput and shrinking the equipment footprint, Cobra gives us a powerful path forward for commercializing our next-generation battery technology," QuantumScape CEO Dr. Siva Sivaram said in the release.

The S&P 500 (^GSPC) is back within one percentage point of an all-time high. One of Wall Street's notorious bulls believes the benchmark index has plenty further to run this year.

Yahoo Finance's Josh Schafer reports:

Read more here.

Tesla's (TSLA) Robotaxi launch may have investors buzzing, but its sales slump continues to roll on.

In May, sales of new Tesla models in Europe fell for the fifth month in a row, down 28% year-on-year. Meanwhile, the regional total for EV sales overall jumped 27%.

Shares of the Elon Musk-led EV maker were little changed, as stocks more broadly stalled.

Reuters reports:

Read more here.

Here are some top stocks trending on Yahoo Finance in premarket trading:

Robinhood (HOOD) stock rose 3% before the bell on Wednesday after ARK Innovatoon ETF founder Cathie Wood sold Circle (CRCL) holdings and purchased Robinhood.

FedEx (FDX) stock fell 5% after signaling caution for the year and forecasting a weaker quarterly profit.

Coinbase (COIN) was up over 1% in premarket trading Wednesday after ARK Innovation ETF’s Cathie Wood sold off her Circle (CRCL) stake the day before and shifted funds into the trading app.

FedEx (FDX) stock is getting hit premarket after the logistics giant said it expects adjusted first quarter earnings in a range of $3.40 to $4.00 per share. Wall Street had been hoping for $4.03 apiece.

For the first time in 13 years, the company didn't provide a full-year outlook. Red flag.

The earnings call was also littered with other red flags, one being China-to-US volumes have fallen off a cliff due to the trade war. The tone of the call didn't suggest this trend has improved at all.

"We recognize that FedEx is effectively a levered option on global trade dynamics, which remain uncertain and volatile," JP Morgan analyst Brian Ossenbeck said in a note.

The premarket move feels right. Look for pressure on rival UPS (UPS) and others in the supply chain logistics space.

Tune in here for more on the FedEx results on Opening Bid live at 9:30 a.m. ET.

Asia-Pacific equities were mixed overnight Tuesda as investors assessed geopolitical developments and fresh signals from the US Federal Reserve.

Market sentiment was cautiously optimistic following news of a ceasefire between Israel and Iran, reportedly brokered by US President Donald Trump. The agreement has sparked hopes for de-escalation in the region, though investors remain skeptical on the concept of lasting peace.

In Australia, the S&P/ASX 200 (^AXJO) pushed up 0.1% alongside a broader cooling of monthly CPI following the Reserve Bank cutting interest rates.

South Korea's Kospi (^KS11) held steady, while the tech-heavy Kosdaq (^KQ11) slipped 0.4%.

Japan’s Nikkei 225 (^N225) inched up 0.3%.

Hong Kong's Hang Seng Index (^HSI) outperformed much of the region, gaining 0.7%, while China’s CSI 300 (000300.SS) index pushed up 0.5%.

Traders across the region are also parsing commentary from the Federal Reserve, as markets look for clues on the trajectory of U.S. interest rates amid persistent inflation concerns.

Oil prices rebounded after two days of falls as the tense ceasefire between Israel and Iran was eyed by investors worldwide.

Reuters reports:

Read more here.