WASHINGTON – U.S. markets are poised to open with big gains, a clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve.
U.S. Treasury Secretary Scott Bessent also said Tuesday that the ongoing tariffs showdown against China is unsustainable and he expects a “de-escalation” in the trade war between the world’s two largest economies. With Tesla profits tanking, billionaire Elon Musk said he advised Trump against tariffs and he’ll now spend less time in Washington slashing government costs.
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U.S. markets opened with big gains, a clear sign of relief after Trump said he won’t try to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” in Trump’s trade war.
Futures for the Dow Jones Industrial Average jumped 1.9% before the bell Wednesday, while S&P 500 futures rose 2.6%. Nasdaq futures climbed a full 3%.
Trump, upset that the Federal Reserve was not cutting interest rates immediately, said that he could fire Fed Chair Jerome Powell. But he told reporters Tuesday, “I have no intention of firing him.”
Markets are also reacting to Bessent’s comments that the ongoing tariffs showdown with China is unsustainable.
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