Hearing for Federal Reserve Chair Kevin Warsh concluded.

U.S. equities opened Wednesday, July 15: Dow Jones Industrial Average opened down 1.77 points (-0.00%) at 52,506.50; S&P 500 opened up 28.74 points (+0.38%) at 7,572.33; Nasdaq Composite opened up 167.74 points (+0.64%) at 26,274.74.

Germany will cut over €30 bln from its Climate and Transformation Fund by 2030 and shift part of the money into the federal budget, the cabinet approved. The plan reduces fund spending by €19.7 bln over the next four years and transfers a further €13.2 bln to the federal budget. The coalition led by Chancellor Merz and Finance Minister Klingbeil had previously allocated €10 bln to the fund; some projects backed by the fund will face funding cuts as part of public spending consolidation. The government said the reductions are partly justified by a separate multibillion-euro subsidy scheme to lower electricity costs for energy‑intensive firms, which requires participating companies to invest in reducing production-related emissions.