US stocks recovered from session lows to end Wednesday's trading session higher after President Trump said he's "not planning" to fire Fed Chair Jerome Powell despite new reports emerging suggesting he was close to making that decision.

The first of these reports showed U.S. consumer prices posted their biggest jump in five months in June, hinting that tariffs may be starting to heat up inflation.

Shares in Asia traded mixed on Wednesday after an update on inflation pulled most U.S. stocks lower, though gains for Nvidia pushed the Nasdaq to another record.

The data offer some encouragement after a report on Tuesday suggested President Donald Trump’s tariffs are pushing up the prices U.S. shoppers are paying for toys, apparel and other imported products...