Wall Street digested a surprisingly cool wholesale inflation reading and more big bank earnings, with one eye on Trump's latest tariff moves.

The Dow advanced 231.49 points (0.5%) to 44,254.78, the Nasdaq rose 52.69 points (0.3%) to 20,730.49 and the S&P 500 climbed 19.94 points (0.3%) to 6,263.70.

U.S. stock indexes are ticking higher on Wednesday following a better-than-expected update on inflation across the country. The S&P 500 was up 0.2% in early trading and approaching its all-time high set last week.

President Donald Trump sent the U.S. stock market on a jagged round trip Wednesday after saying he had "talked about the concept of firing" the head of the Federal Reserve. Such a move could help Wall Street get the lower interest rates it loves,

Live Updates Live Coverage Updates appear automatically as they are published. Oil Cools Off 9:38 am Citigroup downgraded a pair of oil refinery stocks this morning, cutting both Valero (NYSE: VLO) and Phillips 66 (NYSE: PSX) to neutral.

Inflation is up, stocks are down, and more tariffs are on their way. Trump wants interest rates to come down but the direction of travel is making it less likely that the Fed will deliver the cuts he wants. It’s not clear whether Trump can extract himself from the policy cycle he has created.

The Dow fell 436 points. Nvidia rallied on easing export restrictions.

Value stocks will outperform growth stocks in coming months if inflation heats up.