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

Inflation, tariffs, and trade wars have investors seeking resilient investments. Click here to learn about 5 top stocks.

The risk is that a hotter-than-expected June inflation report — one that Fed Chair Jerome Powell recently called among the most important for assessing the impact of tariffs — could slow the pace at which the central bank lowers interest rates. Importantly, that could also throw a wrench into the stock market’s record-setting rally.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Live Updates Live Coverage Has Ended Monday Wrap-up 4:29 pm The Vanguard S&P 500 ETF closed at 574.35 Monday, up 0.2%. Trump to Hit Russia with Tariffs 12:27 pm President Trump is threatening to impose 100% tariffs on imports from Russia if it fails to sign a ceasefire with Ukraine within the next 50 days.

Johnson & Johnson is leading the S&P 500 and the Dow Jones Industrial Average after the drugmaker slashed its estimate for the impact of tariffs in 2025 and raised its outlook. The company’s stock is up 5.

ASML ( ASML -8.41%) stock is getting hit with big sell-offs Wednesday following the company's recent earnings report. The semiconductor manufacturing equipment specialist's share price was down 7.8% as of 3:20 p.m. ET. The stock had been down as much as 11.2% earlier in the day's trading.

Wall Street braced for another inflation checkup after Tuesday's consumer price reading spurred traders to pare bets on Fed rate cuts in the coming months.

As President Donald Trump's tariffs continue to create headwinds, UBS said investors should focus on long-term trends set to boost markets.