The Dow Jones and Nasdaq Composite swung to losses around midday Wednesday after Bloomberg published a report stating that President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, citing an unnamed White House official.

In company news, ASML (ASML) reported fiscal Q2 earnings Wednesday of 5.90 euros ($6.86) per diluted share, up from 4.01 euros a year earlier and above the FactSet consensus analyst estimate of 5.24 euros. Fiscal Q2 sales were 7.69 billion euros, up from 6.24 billion euros a year ago and above the FactSet consensus of 7.55 billion euros. For Q3, ASML expects sales in the range of 7.4 billion euros to 7.9 billion euros, below the FactSet estimate of 8.26 billion euros. Chief Executive Christophe Fouquet said that its customers' fundamentals remain strong, but "we continue to see increasing uncertainty driven by macroeconomic and geopolitical developments. Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage." ASML shares were down roughly 11% near noon.

Goldman Sachs (GS) reported Q2 earnings Wednesday of $10.91 per diluted share, up from $8.62 a year earlier and above the FactSet consensus of $9.69. Second-quarter net revenue was $14.58 billion, up from $12.73 billion a year ago and above the FactSet consensus of $13.58 billion. Goldman shares were down 1.4%.

Bank of America (BAC) reported Q2 earnings Wednesday of $0.89 per diluted share, up from $0.83 a year earlier and above the FactSet consensus of $0.86. Second-quarter revenue was $26.46 billion, up from $25.38 billion a year ago but below the FactSet expectation of $26.71 billion. Bank of America shares were down 2.3%.

Morgan Stanley (MS) reported Q2 earnings Wednesday of $2.13 per diluted share, up from $1.82 a year earlier and above the FactSet estimate of $1.97. Second-quarter net revenue was $16.79 billion, up from $15.02 billion a year ago and above the FactSet consensus of $16.07 billion. Morgan Stanley shares were down 4.3%.

Johnson & Johnson (JNJ) reported Q2 adjusted earnings Wednesday of $2.77 per diluted share, down from $2.82 a year earlier but above the FactSet estimate of $2.68. Second-quarter reported sales were $23.74 billion, up from $22.45 billion a year ago and above the FactSet expectation of $22.85 billion. The company lifted its full-year 2025 adjusted EPS guidance to a range of $10.80 to $10.90 from $10.50 to $10.70. J&J also lifted its reported-sales expectation to a range of $93.2 billion to $93.6 billion from $91.0 billion to $91.8 billion. Johnson & Johnson shares were up 6.3%.

Hewlett Packard Enterprise (HPE) said Wednesday it has entered into a cooperation agreement with Elliott Investment Management. Hewlett Packard shares were down 0.9%.

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