U.S. stock index futures leapt on Wednesday after President Donald Trump pulled back on his threats to fire Federal Reserve Chair Jerome Powell and raised hopes for a trade deal with China.

Market Snapshot

At 08:50 a.m. ET, Dow E-minis were up 730 points, or 1.9%, S&P 500 E-minis were up 2.5%, while Nasdaq 100 E-minis were up 3%. NVIDIA, Palantir Technologies Inc. up 6%.

Pre-Market Movers

Boeing – The aerospace stock rose more than 5% after the company reported a narrower loss for the first quarter. Boeing said it had a net loss of $31 million in the first quarter, improving on the $355 million loss in the same period last year. Excluding items, the loss of 49 cents per share was better than the $1.18 loss expected by analysts, according to FactSet. CEO Kelly Ortberg said the company will ask the Federal Aviation Administration to approve increased production of 737 Max jets.

Tesla Motors – The electric vehicle maker jumped 8% despite its first-quarter results missing Wall Street’s expectations. Telsa earned 27 cents per share after adjustments on revenue of $19.34 billion, below the 39 cents per share and $21.11 billion in revenue that analysts surveyed by LSEG were expecting. During its earnings call Tuesday, CEO Elon Musk revealed that the amount of time he spends with the Department of Government Efficiency will decline “significantly” beginning in May.

Enphase Energy – The solar technology company’s stock fell nearly 10% after missing Wall Street’s earnings and revenue expectations. CEO Badri Kothandaraman said tariffs will hurt the company’s battery business, which sources from China. Enphase sees tariffs reducing its gross margin by about 2% in the second quarter.

CAVA Group Inc. – Shares of the fast-casual restaurant chain advanced nearly 7% after receiving an upgrade to outperform from market perform at Bernstein. Analyst Danilo Gargiulo said that he believes the company can be shielded from a downturn in the economy and sees shares rallying more than 40%.

Eli Lilly – Shares of the pharmaceutical giant jumped 2% after Eli Lilly filed lawsuits against four telehealth companies selling compounded versions of its weight loss drug Zepbound and its diabetes treatment Mounjaro. Lilly accused the sites of deceiving consumers about “untested, unapproved drugs” and turning them away from Lilly’s products.

BP PLC – Shares climbed about 2% after activist investor Elliott Management disclosed in a regulatory filing that it has built a stake of more than 5% in the oil giant. 

SAP SE – The stock gained about 8% after the software company reported an earnings beat for the first quarter. SAP earned 1.44 euros per share ($1.64) compared with the 1.32 euros per share that analysts surveyed by LSEG expected. Revenue, however, missed analyst expectations.

Bristol-Myers Squibb – Shares of the biopharmaceutical giant slid almost 4% on the heels of the company revealing that its drug Cobenfy failed to reach the threshold for a statistically significant difference as a supplemental treatment for adults with schizophrenia in a Phase 3 trial.

GE Vernova Inc. – The energy equipment manufacturer jumped more than 9% after the company maintained its 2025 financial guidance despite an expected hit from tariffs of up to $400 million. GE Vernova is forecasting revenue of up to $37 billion and free cash flow of up to $2.5 billion this year.

Market News

Tesla Gains After Bulls Get Re-Energized with Elon Musk's Focus Back on the Autonomy and AI Story

Tesla Motors traded higher in early action on Wednesday after reporting a sharp decline in deliveries and profit in Q1, but saying it is on track with key autonomous and AI initiatives.

While Tesla did not provide full-year guidance deliveries guidance due to the impacts of shifting global trade policy, investors did get a commitment from Elon Musk to increase his focus on the company.

Musk said on the earnings conference call that his time with the Department of Government Efficiency will drop significantly. He sees continuing to spend a day or two per week on government issues for as long as the president would like.

Apple Fined $570 Million and Meta $228 Million for Breach of EU Law

Apple was fined 500 million euros ($570 million) on Wednesday and Meta Platforms, Inc. 200 million euros, as European Union antitrust regulators handed out the first sanctions under landmark legislation aimed at curbing the power of Big Tech.

The EU fines could stoke tensions with U.S President Donald Trump who has threatened to levy tariffs against countries that penalise U.S. companies.