Catenaa, Wednesday, April 23, 2025- US stock futures soared Tuesday evening after President Donald Trump said he has “no intention” of removing Federal Reserve Chairman Jerome Powell, a shift in tone that reassured investors amid weeks of markets uncertainty.
This follows President Trump hinting at the removal Powell as Fed Chair Powell in the preceding days.
Dow Jones Industrial Average futures surged 444 points, or 1.1%. S&P 500 futures rose 1.4%, while Nasdaq 100 futures gained 1.6%.
The rally followed a volatile stretch for markets, which had been rattled by escalating trade tensions with China and sharp criticism of Powell by Trump.
Trump’s comments, delivered late Tuesday from the Oval Office, marked a departure from recent rhetoric. As recently as Monday, the president had called Powell a “major loser” and pushed for lower interest rates. Last week, he wrote on Truth Social that Powell’s “termination cannot come fast enough.”
The rebound followed a dramatic session where the Dow ended a four-day losing streak with a 1,000-point gain. The S&P 500 and Nasdaq Composite jumped more than 2%, fueled in part by remarks from Treasury Secretary Scott Bessent suggesting a possible easing of U.S.-China trade tensions.
Despite the gains, investors remain cautious. Gold futures rose to an all-time high of $3,509.90 on Tuesday, reflecting a flight to safety. “There’s a ton of money hiding out in gold at the moment,” said Jamie Cox of Harris Financial Group. “The money is there, it’s just yellow at the moment.”
Powell’s current term as Fed chair runs through May 2026.
