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Stock futures were roaring into the green Wednesday after President Trump pulled back from threats to fire Fed Chair Jerome Powell — the latest twist in a week of market-moving chaos. With Powell’s job seemingly safe for now, investors are riding a wave of relief into a jam-packed day of earnings and economic data.
Here are key companies and news items to watch on Wednesday.
Musk pivots, Tesla rallies
Tesla (TSLA) missed Q1 earnings estimates — revenue fell 9% to $19.3 billion, net income dropped 71% — but shares are still up 7% premarket. Why? Elon Musk pledged to scale back his role in the Department of Government Efficiency, where he led efforts to lay off tens of thousands of Federal workers, and refocus on the company.
Boeing faces fresh turbulence
Before the bell, Boeing (BA) will report earnings amid renewed scrutiny of its production pace and aircraft deliveries. A new geopolitical twist adds pressure: China has reportedly instructed its airlines to halt deliveries of Boeing jets and American aircraft parts, escalating trade tensions. This move, in response to U.S. tariffs, threatens Boeing’s long-term order book, particularly in the Chinese market. Still, shares jumped 5% premarket.
Philip Morris smokes estimates
Philip Morris International (PM) reported first-quarter results that exceeded expectations, with adjusted diluted EPS growing 12.7% to $1.69. Smoke-free products now account for a significant and rapidly increasing portion of revenue and profits — over 40% of both the top and bottom line. Shares gained nearly 5% heading into the open.
AT&T holds the line
AT&T (T) reported first quarter results that slightly missed estimates. Revenue came in at $30.6 billion and adjusted earnings per share rose to $0.51, up from $0.48 a year earlier. Net income surged to $4.7 billion, while free cash flow came in at $3.1 billion — up from $2.8 billion a year ago. The stock climbed just under 3% ahead of the open.
Still to come
IBM (IBM) reports after the bell Wednesday, while Alphabet (GOOGL) earnings are due Thursday — a key test for tech and the Nasdaq, given its heavyweight status in the index.
Markets climbed Tuesday on trade optimism
Wednesday’s jump into the green follows Tuesday’s broad and sharp rally. The Dow surged 1,017 points or 2.7%, the S&P 500 gained 2.5%, and the Nasdaq climbed 2.7%, staging a dramatic rebound from last week’s selloff. The spark: Treasury Secretary Bessent’s comments that the U.S.-China tariff standoff is “unsustainable” and likely headed toward de-escalation.