Magnificent Seven rise over possible China-US trade war de-escalation

"Magnificent Seven" group of megacap stocks rise in extended trading as investors cheer possible de-escalation of U.S.-China trade tensions

Trump tells reporters tariffs on imports from China would fall significantly following a deal, but not to zero

U.S. President Donald Trump also says he has no plans to fire Federal Reserve Chair Jerome Powell, stepping back from his recent rhetoric against the central bank chief that had fanned investor anxiety amid widespread economic uncertainty

Apple AAPL.O and AI chipmaker Nvidia NVDA.O rise more than 2.5% each; Amazon.com AMZN.O and Meta Platforms META.O both up ~3.5%

Microsoft MSFT.O and Google parent Alphabet GOOGL.O up more than 1.4% each

Tesla TSLA.O rises ~5% after billionaire CEO Elon Musk says he will scale back his government role starting in May

Benchmark S&P 500 index down ~12% YTD