Markets jump after Trump softens rhetoric on China and Fed chair

U.S. stocks opened higher Wednesday after President Donald Trump signaled a softer stance toward the eye-watering tariffs he had set for China, while also stating he would not make an immediate change in leadership at the Federal Reserve.

Investors were also cheered by Elon Musk's imminent return to a more full-time focus on Tesla, dialing back his controversial stint as a Trump White House adviser to one to two days a week.

The S&P 500 climbed as much as 3.2% in early-morning trading. The tech-focused Nasdaq surged 4.1%. Dow Jones Industrial Average gained 1,000 points or about 2.7%.