Stocks were taken on a wild ride Wednesday as a White House official indicated to CNBC that Trump was moving closer to firing Powell from his post as Fed Chair.

US Stock market today ended higher as the Dow Jones, S&P 500, and Nasdaq all posted modest gains amid upbeat earnings reports and a surprise jump in retail sales. Investors are cautiously optimistic despite political tension as President Trump continues pressuring Fed Chair Jerome Powell over interest rate cuts.

Shares of Norfolk Southern rose in late trading after The Wall Street Journal reported that Union Pacific was in early-stage talks to buy its smaller rival. Norfolk Southern's stock was recently up 4% in after-hours trading to $280.60. The stock was up 17% to $269.81 over the past 12 months through Thursday's close.

Stock futures are little changed Thursday as investors digest quarterly results from major companies and await further developments in President Donald Trump's feud with Federal Reserve Chair Jerome Powell.

Tech led US stocks on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.

Vertiv Holdings shares rose after the company said it will acquire the Great Lakes Data Racks & Cabinets family of companies for $200 million. Shares were up 5.9% at $132.77. The stock has been up 16% this year.

Equities edged higher on Thursday, supported by strong economic data and upbeat corporate earnings. The Dow gained over 200 points as jobless claims fell to 221,000 and June retail sales rose 0.6%, beating expectations.

Tech weakness led by ASML hits Nasdaq and S&P500, while Dow gains on strong bank earnings and soft inflation data boosts Fed rate cut hopes.

The S&P 500 has outpaced the Dow Jones Industrial Average despite President Trump's rejection of exceptions to the Aug. 1 date he set to launch his latest tariffs. Meanwhile, the Nasdaq has had a day in the green.

June inflation data released Tuesday represented an increase from May levels, despite the headline numbers matching expectations.