US Stock Market Futures Surge – Dow, S&P 500, and Nasdaq soar as Trump softens stance on Jerome Powell and eases China tariffs

US stock market futures made a strong comeback early Wednesday after President Donald Trump eased tensions on two key fronts—his relationship with Federal Reserve Chair Jerome Powell and ongoing trade issues with China. The softer stance gave a solid lift to investor sentiment, driving major indices sharply higher in premarket trading.

Trump, speaking late Tuesday from the Oval Office, said he has "no intention" of firing Fed Chair Powell, whose term runs until May 2026. That was a sharp shift from his recent attacks, including calling Powell a “major loser” on Monday and saying his “termination cannot come fast enough” just last week on Truth Social.

At the same time, Trump also hinted at easing the massive 145% tariff currently in place on Chinese imports. "It won’t be anywhere near that high," he said. "It’ll come down substantially. But it won’t be zero."

How are the stock market futures reacting today?

The futures market surged on the back of Trump’s more dovish comments:

• Dow Jones Industrial Average futures jumped 683 points, or 1.7%
  
  
• S&P 500 futures rose 2.3%
  
  
• Nasdaq-100 futures surged 2.8%
  
  

This bounce follows Tuesday’s sharp rebound where the Dow gained over 1,000 points, breaking a four-day losing streak. The S&P 500 and the Nasdaq Composite both climbed more than 2%, offering a much-needed breather for investors.

Which stocks are moving the most with easing tariff worries?

Stocks with heavy exposure to China led the early rally in premarket trading. Big names from the tech-heavy "Magnificent Seven" group saw strong upside:

• Apple (AAPL) shares rose 3%
  
  
• Nvidia (NVDA) jumped 6%
  
  
• Tesla (TSLA) popped 7%
  
  

Tesla also gained momentum after Elon Musk mentioned during the company’s Tuesday earnings call that he would significantly reduce his time running the Department of Government Efficiency starting next month.

What did Treasury Secretary Scott Bessent say about China?

Speaking to investors at a private event hosted by JPMorgan Chase, Treasury Secretary Scott Bessent hinted at potential “de-escalation” in Trump’s trade war with China. “No one thinks the current status quo is sustainable,” Bessent reportedly said, adding further fuel to Wednesday's market rally.

What’s happening with safe-haven assets like gold and copper?

Despite the equity rally, there’s still a lot of money parked in safe-haven assets:

• Gold futures touched an all-time high of $3,509.90 on Tuesday and are now up more than 8% in April.
  
  
• Copper futures (May-dated) rose to 4.932, the highest level since April 3, when it last traded at 5.0.
  
  

The Global X Copper Miners ETF (COPX) was up 1.9% in premarket and is tracking a 4.5% weekly gain so far.

What’s China’s latest response to U.S. tariff moves?

China responded to Trump’s comments with a mixed but open message. Speaking to reporters, Foreign Ministry spokesperson Guo Jiakun stated:

“China’s attitude towards the tariff war launched by the U.S. is quite clear: We don’t want to fight, but we are not afraid of it. If we fight, we will fight to the end; if we talk, the door is wide open.”

This is the clearest signal yet that both sides may be preparing for a more diplomatic route forward.

What other key stocks are making big moves today?

Several notable companies are in focus based on earnings and analyst commentary:

• AT&T (T) rose more than 3% after reaffirming full-year earnings guidance between $1.97 and $2.07 per share, excluding certain items. First-quarter results were in line with analyst expectations.
  
  
• RTX Corporation (RTX) rebounded 2% after dropping nearly 10% on Tuesday. Morgan Stanley upgraded the stock to “Overweight,” calling the sell-off “overdone” and setting a price target of $135, about 18.7% upside from Tuesday’s close.
  
  

What’s the latest with Bitcoin ETFs?

With market volatility still high, some investors are flocking to crypto. Bitcoin ETFs recorded $936.43 million in daily inflows on Tuesday—their biggest day since January 17. Leading the charge were the ARK 21Shares Bitcoin ETF and Fidelity’s Wise Origin Bitcoin Fund.

That marked the third consecutive trading day of positive flows for Bitcoin ETFs and the fifth in the past six sessions.

How are global markets reacting to Trump’s comments?

The ripple effect was felt across Asia-Pacific markets, with major indices surging on optimism around U.S.-China relations:

• Hong Kong’s Hang Seng Index gained 2.37% to close at 22,072.62
  
  
• Hang Seng Tech Index rose 3.07% to 5,049.40
  
  
• Japan’s Nikkei 225 climbed 1.89% to 34,868.63
  
  
• Topix Index added 2.06% to 2,584.32
  
  
• South Korea’s Kospi rose 1.57% to 2,525.56
  
  
• Kosdaq Index increased 1.39% to 726.08
  
  
• India’s Nifty 50 moved up 0.52%; BSE Sensex gained 0.45%
  
  
• Australia’s S&P/ASX 200 advanced 1.33% to finish at 7,920.50