US benchmark equity indexes were higher intraday as the US seemingly softened its stance on China, while President Donald Trump said he didn't plan to fire Federal Reserve Chair Jerome Powell.

The Nasdaq Composite was up 2.9% at 16,776.1 after midday Wednesday, while the S&P 500 rose 1.9% to 5,386.7. The Dow Jones Industrial Average advanced 1.2% to 39,666.9. Among sectors, technology and consumer discretionary paced the gainers, while consumer staples saw the steepest decline.

Trump said Tuesday that tariffs on China "will come down substantially but it won't be zero," Bloomberg News reported. US Treasury Secretary Scott Bessent said Wednesday that Trump has not offered to lower tariffs on China on a unilateral basis, according to the report.

"I don't think either side believes that the current tariff levels are sustainable, so I would not be surprised if they went down in a mutual way," Bessent reportedly said.

Also on Tuesday, Trump said he had "no intention of firing" Powell, the Associated Press reported. Trump recently called on Powell to cut interest rates and said the Fed chair's termination could not "come fast enough!"

US Treasury yields were mixed intraday, with the two-year rate rising 6.6 basis points to 3.85% and the 10-year rate dropping one basis point to 4.38%.

In company news, Tesla (TSLA) shares rose 8.2%, among the top gainers on the S&P 500 and the Nasdaq. The electric vehicle maker's chief executive, Elon Musk, said on an earnings conference call late Tuesday that his time allocation to the Department of Government Efficiency is expected to "drop significantly."

Tesla's first-quarter results fell more than expected late Tuesday. The company said that mounting trade policy uncertainty could reduce demand for its products in the near-term.

Amphenol (APH) shares jumped nearly 11% intraday Wednesday, the best performer on the S&P 500, as the company issued an upbeat second-quarter outlook following a first-quarter beat.

Enphase Energy (ENPH) saw the steepest decline on the S&P 500, down 14%, following a first-quarter miss late Tuesday.

International Business Machines (IBM) and ServiceNow (NOW) are among companies scheduled to report results after the closing bell Wednesday.

West Texas Intermediate crude oil was down 2.9% at $61.81 a barrel intraday.

Several members of the Organization of the Petroleum Exporting Countries and its allies are likely to suggest that the cartel speed up oil production hikes for a second straight month in June, Reuters reported, citing sources.

In economic news, new home sales in the US increased more than expected in March as median prices dropped, government data showed.

"We still see limited upside for sales in 2025 given our forecast for mortgage rates to remain elevated and the economy to weaken in response to the Trump administration's tariff policies," Oxford Economics said.

Mortgage applications in the US dropped about 13% on a seasonally adjusted basis in the week ended Friday, as rates hit the highest level in two months, the Mortgage Bankers Association reported.

"Similar to the previous week, economic uncertainty and rate volatility impacted prospective homebuyers," said MBA Chief Economist Joel Kan.

Gold was down 3.6% at $3,295 per troy ounce, while silver increased 1.8% to $33.5 per ounce.