Stocks initially rose, but later pared gains as Bloomberg reported Federal Reserve Governor Christopher Waller emerging as a top candidate for the Fed chair position. Trump’s advisers favor Waller for his policy approach, knowledge of the Fed system, and focus on forecasting. Other contenders include Kevin Warsh and Kevin Hassett. Powell’s term expires in 2026.

Read more at Yahoo Finance: Dow, S&P 500, Nasdaq mixed as Trump tariffs kick in, Apple jumps