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Markets surged midweek after President Trump said he had “no intention” of removing Federal Reserve Chair Jerome Powell. The comment, made late Tuesday, appeared to ease investor anxiety over leadership stability at the Fed and added to hopes that the trade conflict with China might soon cool off.
What to Know:
- Trump’s assurance on Powell helped calm market jitters.
- Treasury Secretary Scott Bessent reportedly told investors he expects the China tariff standoff to ease “very soon.”
- S&P 500 futures pointed to a 2% gain Wednesday, following a 2.5% jump Tuesday.
- Global markets echoed the rally: Japan’s Nikkei rose 1.9%, Hong Kong’s Hang Seng gained 2.5%, and Germany’s DAX jumped 2.8%.
- Taiwan’s benchmark index led Asian gains, rising 4.5%.
- The dollar edged up 0.3% against the euro; U.S. Treasury yields fell.
- Oil climbed 2%, with Brent crude topping $68 a barrel.
- Gold prices pulled back from record highs, dropping over 2%.
Stay with Newsweek for the latest.
Tesla stock gets some good news as Elon Musk announces DOGE shift
Tesla and SpaceX CEO Elon Musk attends a cabinet meeting held by U.S. President Donald Trump at the White House on March 24, 2025 in Washington, DC.
Getty Images
Tesla shares soared premarket Wednesday after CEO Elon Musk said that he would be deprioritizing his work at the so-called Department of Government Efficiency (DOGE).
The stock rose 6.72 percent to $253.96 per share shortly after 6 a.m. ET, extending after-hour gains following the electric vehicle giant’s first quarter earnings call on Tuesday.
During that call, Musk said, “I think starting probably next month, May, my time allocation to DOGE will drop significantly,” and he would be devoting more time to Tesla.
He added that he would “continue to spend a day or two per week on government matters for as long as the president would like me to do so and as long as it is useful.”
