Wall Street futures rallied pre-bell Wednesday as traders again embraced outlooks for reduced Beijing-Washington trade tensions, and the continued leadership of Jerome Powell as Federal Reserve chair.

In the futures, the S&P 500 rose 2.5%, the Nasdaq inclined 2.9% and the Dow Jones was up 1.9%.

Asian exchanges, except Shanghai, traded solidly higher overnight, while European bourses gained midday on the continent.

AT&T (T) traded up 3.2% pre-bell after the communications colossus reported Q1 earnings in line with Street views and topped on revenue, and assured investors on guidance.

Teledyne Technologies (TDY) shares drifted down 1.3% pre-bell after the advanced technologies conglomerate reported Q1 earnings and revenue above outlooks, but issued tempered guidance.

Tesla (TSLA) rose 6.5 % pre-bell after CEO Elon Musk said he would scale back his profile at the Department of Government Efficiency (DOGE).

IBM (IBM) and Philip Morris (PM) are also slated to report earnings pre-bell, among others.

On the economic calendar is the S&P Global flash PMI for April at 9:45 am ET, followed by the new home sales bulletin for March and the Atlanta Fed Business Inflation Expectations report for April, at 10 am.

The EIA petroleum status report posts at 10:30 am.

The Federal Reserve Beige Book, a compendium of reports from the 12 regional Fed banks, posts at 2 pm.

Chicago Federal Reserve President Austan Goolsbee speaks at 9 am,
Fed Governor Christopher Waller at 9:35 am, St. Louis Fed President Alberto Musalem at 2:35 pm, and Cleveland Fed President Beth Hammack at 6:30 pm.

In premarket action, Bitcoin traded at $93,649, West Texas Intermediate crude oil traded higher at $64.38, and 10-year US Treasuries offered 4.32%. Spot gold traded for $3,331 an ounce.