Stock futures climbed on Wednesday after President Donald Trump said he doesn’t plan to remove Federal Reserve Chairman Jerome Powell from his post as central bank leader. They also got a boost as Trump also signaled tariffs on Chinese imports may go down. Dow Jones Industrial Average futures rose 757 points, or 1.9%. Futures tied to the S&P 500 popped 2.5%, while Nasdaq-100 futures added 3%. The rally in futures came after Trump said late Tuesday that he has “no intention” of firing Powell, whose term as Fed chair will end in May 2026. The comment is a reversal of sorts for the president, who fired off barbs against Powell as recently as Monday, calling the central bank leader a “major loser” and demanding that interest rates come down. Just last week, Trump said in a Truth Social post that Powell’s “termination cannot come fast enough.” Trump also said he’s willing to take a less confrontational approach to trade talks with China, noting that the current 145% tariff on Chinese imports is “very high, and it won’t be that high. … No, it won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.” Stocks with higher exposure to China that have sold off in recent weeks rallied in the premarket on Trump’s softer stance. This included “Magnificent Seven” titans Apple and Nvidia, which were up 3% and 6%, respectively. Shares of Tesla popped 7% also due to easing tariff pressures and after CEO Elon Musk said during the company’s Tuesday earnings call that his time spent running Trump’s Department of Government Efficiency will drop “significantly” starting next month. Stocks are coming off of a winning session, with the 30-stock Dow surging more than 1,000 points to end a four-day losing streak. Both the S&P 500 and the Nasdaq Composite jumped more than 2%. Investor sentiment on Tuesday was aided by comments from Treasury Secretary Scott Bessent, who hinted at the possibility of “de-escalation” in Trump’s trade war with China. “No one thinks the current status quo is sustainable,” Bessent said while speaking with a group of investors on Tuesday at a meeting hosted by JPMorgan Chase, according to a person in the room. Even as stocks surged in the session, jittery investors have been flocking toward safe-haven assets in recent weeks. Gold futures are up more than 8% in April, and they touched an all-time high of $3,509.90 on Tuesday. “There is a ton of money hiding out in gold at the moment, so there’s plenty of unproductive money that will find its way back into the market at some point,” said Jamie Cox, managing partner at Harris Financial Group. “The money is there, it’s just yellow at the moment.” The yield on the 10-year Treasury declined on Wednesday after U.S. President Donald Trump backtracked on comments he made about firing Federal Reserve Chairman Jerome Powell. The 10-year Treasury yield was 10 basis points lower at 4.29%. The 2-year Treasury yield was 1 basis point higher at 3.797%. Asia-Pacific markets climbed Wednesday, after all three key benchmarks on Wall Street advanced overnight on optimism that U.S.-China trade tensions could ease. Hong Kong stocks led gains in the region. The Hang Seng Index soared 2.37% to end the day at 22,072.62, while the Hang Seng Tech Index surged 3.07% to 5,049.40. Meanwhile, Mainland China’s CSI 300 index ended the day flat at 3,786.88. Over in Japan, the benchmark Nikkei 225 advanced 1.89% to end the day at 34,868.63, while the broader Topix index added 2.06% to 2,584.32. In South Korea, the Kospi index ended the day 1.57% higher at 2,525.56 while the small-cap Kosdaq increased 1.39% to 726.08. India’s benchmark Nifty 50 moved up 0.52% while the broader BSE Sensex was up 0.45% as at 2.31 p.m. Indian Standard Time. Australia’s S&P/ASX 200 rose 1.33% to end the day at 7,920.50. Oil prices rose almost 1% in early trade on Wednesday, extending the prior day’s gains as investors weighed a fresh round of sanctions on Iran, a drop in U.S. crude stocks and a softer tone from Donald Trump on the Federal Reserve. Brent crude futures rose 61 cents, or 0.9%, to $68.05 a barrel at 0007 GMT, while U.S. West Texas Intermediate crude was at $64.27 a barrel, up 60 cents, or 0.94%. Gold prices dipped on Wednesday after U.S. President Donald Trump hinted at lower tariffs for China and backed away from threats to fire Federal Reserve Chair Jerome Powell. Spot gold was down 1.6% at $3,328.48 an ounce, after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 2.3% to $3,340.60.