Wall Street steadies, global markets sink after Trump says he’s firing Federal Reserve governor Economy Aug 26, 2025 9:31 AM EDT

Wall Street has recovered some overnight losses that took place after President Donald Trump said he was firing Federal Reserve Governor Lisa Cook.

READ MORE: Trump says he’s firing Federal Reserve Governor Lisa Cook. She says she won’t resign

Futures for the Nasdaq, Dow Jones Industrial Average and S&P 500 all inched down about 0.1% before the bell Tuesday. All three swung notably lower after Trump said in a post Monday that he was removing Cook because of allegations of mortgage fraud by his appointee that heads the agency regulating mortgage giants Fannie Mae and Freddie Mac.

It’s an unprecedented action that suggests a sharp escalation in Trump’s battl

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