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.

The standoff between the men has led Trump to echo an idea first floated by Treasury Secretary Scott Bessent: the naming of a new Fed chair before the end of Powell’s term in May of next year. Trump said in late June that he could name a successor “very soon.”

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.

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.

• Why Bill Gross says investors need to ‘wake up’ to the risks of a shake-up at the Federal Reserve • The risks HSBC sees building in the dollar ‘bubble’ and what it could mean for global markets

Consumers' inflation expectations, by some measures, are also the highest in decades. Inflation has been above the Fed's 2% target for over four years, and the prospect of a dovish Fed under the stewardship of a new Trump-friendly Chair could keep it that way.

Four potential Powell replacements have been shortlisted by the betting market. Here's who's in the running to be the next Fed Chair.

NEW YORK (AP) — Wall Street is drifting on Friday toward the finish of its third winning week in the last four, as more big U.S. companies deliver stronger profits for the spring than analysts expected.

Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to boost a job market that looks to be weakening.

President Trump has filed a lawsuit over a story the Wall Street Journal published about an alleged birthday letter to Jeffrey Epstein.