U.S. stock index futures leapt on Wednesday, after President Donald Trump backed off from his threats to fire the head of the Federal Reserve and raised hopes for a trade deal with China.
Shares of Tesla, meanwhile, rose 6.3% in premarket trading as the EV maker kicked off Magnificent Seven earnings on a positive note. The company reported a profit for its core auto business that topped rock-bottom expectations, while CEO Elon Musk said he would step back from his involvement in the Trump administration to focus on running his many companies. Trump said on Tuesday he had "no intention" of firing Fed Chair Jerome Powell, walking back from his comments that Powell's termination could not come "fast enough" after heavy criticism in the past few days.
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