Stocks drifted on Thursday and a rebound in the dollar lost traction as investors tried to sift through the noise from the Trump administration and its fickle stance on tariffs and the Federal Reserve's leadership.

U.S. stocks were higher after President Donald Trump said he has “no intention” of firing the Fed chair and was said to be mulling lighter tariffs.

President Donald Trump said he has "no intention" of firing Federal Reserve Chair Jerome Powell, who he has criticized strongly in recent days. Trump, speaking to reporters late Tuesday, said he hoped Powell would cut interest rates soon but never planned to fire the central banker.