LIVE MARKETS-US stocks jump as Trump/Powell tension calms, China tariff hopes climb

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US STOCKS JUMP AS TRUMP/POWELL TENSION CALMS, CHINA TARIFF HOPES CLIMB

U.S. equity indexes are surging early on Wednesday after President Donald Trump dialed back on his threats to fire Federal Reserve Chair Jerome Powell. Stocks are getting an added boost on a report that the White House is considering slashing China tariffs in order to de-escalate the trade war.

The Nasdaq composite .IXIC, jumping around 4%, is leading the charge among the three main indexes. Gains are underpinned by strength in Mag 7 names .MAG. The MAG index is rallying more than 4.5%.

All S&P 500 index .SPX sectors are higher led by consumer discretionary .SPLRCD, tech .SPLRCT and communication services .SPLRCL. Defensive staples .SPLRCS, up just 0.4%, is the laggard.

Under the surface, big banks .SPXBK and chips .SOX are among outperformers, while gold stocks .HUI are on the back foot.

Meanwhile, with the S&P 500 index around 5,450, traders are still watching resistance including key hurdles at the March 13 and March 31 lows in the 5,488.73-5,504.65 area.

Here is a snapshot of where markets stood just shortly before 10:00 a.m. EDT:

(Terence Gabriel)

FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:

NASDAQ COMPOSITE BREADTH/MOMENTUM GETS A BOOST - CLICK HERE

THREE WEEKS POST LIBERATION DAY: SCORES ON THE DOORS - CLICK HERE

CARMAGGEDON LEAVES AUTO PARTS SUPPLIERS DOWN BUT NOT OUT - CLICK HERE

WE'RE NOT YET PRICING A RECESSION - CLICK HERE

STOXX AT THREE-WEEK HIGH, VOLATILITY DOWN - CLICK HERE

EUROPE BEFORE THE BELL: ON THE REBOUND - CLICK HERE

MORNING BID: TRUMP'S FED BACKFLIP SETS OFF RELIEF RALLY - CLICK HERE