[New York Pre-Market Report] Trump Affirms “Powell Stays”… U.S. Stock Futures Rise on Easing Signals

# U.S. Stocks Extend Rally Amid Eased Trade Tensions and Powell Stability U.S. equities maintained their upward trajectory on the 23rd (local time), continuing the rebound from the prior session. Investor confidence solidified as President Donald Trump reassured he had no plans to remove Federal Reserve Chair Jerome Powell and hinted at potential easing of U.S.-China trade tensions. Major indices posted significant gains: S&P 500 futures rose 2.3%, Nasdaq 100 futures increased 2.7%, and Dow Jones futures advanced 1.8%. In Europe, the Stoxx 600 climbed 1.6%, while the MSCI World Index saw a modest rise of 0.3%. # Tesla Surges as Musk Refocuses Tesla (TSLA) shares soared nearly 7% in pre-market trading after CEO Elon Musk announced he would step back from government-related work to focus more on Tesla operations. This move alleviated investor concerns about Musk's recent political involvement. # Powell Dismissal Rumors Quelled; Bond and Dollar Markets Stabilize President Trump affirmed, “I have no intention of removing Powell,” dispelling rumors about the Fed Chair's replacement. Treasury Secretary Scott Bessent also expressed optimism, suggesting that "trade tensions with China might ease." These remarks had a calming effect on the bond market. The yield on the benchmark 10-year U.S. Treasury fell 9 basis points to 4.31%. Gold prices declined 1.3% to $3,335.62 an ounce, indicating a slight correction, while the Bloomberg Dollar Index remained stable. # Bitcoin Surges Past $90,000 as Crypto Markets React to Mixed Signals The cryptocurrency market experienced significant gains as Bitcoin (BTC) rallied 2.6%, surpassing the $90,000 mark at $93,593. Ethereum (ETH) jumped 6.4% to trade at $1,804, reaching a new yearly high. Analysts attribute the rally to a blend of easing trade concerns and ongoing uncertainties over U.S. economic policies. # Robust Earnings Propel European Markets; SAP Achieves Best Performance in Six Years Corporate earnings added to market enthusiasm during the earnings season. German software giant SAP exceeded expectations, marking its biggest surge in six years. U.S. telecom company AT&T benefited from strong performance in its mobile division, while Philip Morris International's stock rose following upward earnings guidance revisions. Additionally, Boeing's revenue surpassed forecasts, boosted by normalized aircraft production. # Ongoing Trade War Developments President Trump indicated a more conciliatory stance on trade negotiations, saying, “We are considering a very accommodating approach with China. A deal could include tariff reductions.” However, he cautioned that final tariffs on Chinese goods wouldn't exceed 145%, signaling a shift from more stringent measures. Despite this, market caution remains. François Lemieux of French asset management firm La Française noted, “While Powell’s removal seems unlikely, Trump’s frequent statements continue to inject uncertainty into the markets.” As trade policies evolve and corporate earnings present a mixed picture, market sentiment remains in a state of flux.