FX.co ★ US Stocks Set to Extend Gains

U.S. stock futures experienced a significant upswing on Wednesday. The S&P 500 contracts increased by 2.4%, Nasdaq 100 futures climbed by 2.8%, and the Dow Jones rose by more than 700 points, continuing the momentum from Tuesday’s robust recovery. Investors were reassured when President Trump affirmed he will not dismiss Federal Reserve Chair Jerome Powell, alleviating worries about political meddling in U.S. monetary policy. Additionally, Trump took a more conciliatory stance regarding China, indicating plans to adopt a cordial approach in upcoming trade discussions, which fueled optimism for a reduction in tensions. Concurrently, the earnings season remained at the forefront. Tesla's shares surged over 7% in pre-market trading as Elon Musk vowed to "significantly" reduce his involvement with the government amidst criticisms of neglecting Tesla. The company revealed a disappointing first-quarter performance, with a 20% decline in automotive revenue compared to the previous year. Meanwhile, AT&T shares rose approximately 4% before the market opened, following reports of better-than-anticipated growth in new wireless subscribers.