On Tuesday, April 22, U.S. markets closed higher, driven by strong earnings reports and indications of de-escalating U.S.-China trade tensions. President Trump’s remarks, including backing Fed Chair Powell and signaling tariff cuts following a trade deal, sparked a rally.

The S&P 500 surged 2.5%, with tech giants like Amazon, Nvidia, and Apple leading the gains. However, ongoing trade uncertainties continue to weigh on economic growth projections.

Related: Trump Pledges ‘Substantial’ Cut In China Tariffs, But Refuses To Make It ‘Zero:’ ‘If They Don’t Make A Deal, We Will Set The Deal’

In economic data, the U.S. Redbook Index increased by 7.4% compared to the same week last year for the week ending April 19. All S&P 500 sectors ended Tuesday with gains, led by financial, consumer discretionary, and communication services stocks.

The Dow Jones Industrial Average gained 2.66% to 39,186.98, the S&P 500 rose 2.51% to 5,287.76, and the Nasdaq Composite closed 2.71% higher at 16,300.42.

Asia Markets Today

Eurozone at 06:00 AM ET

• The European STOXX 50 was up 2.47%.
• Germany’s DAX gained 2.74%.
• France’s CAC 40 rose 2.29%.
• U.K.’s FTSE 100 index traded higher by 1.29%.

Commodities at 06:00 AM ET

U.S. Futures at 06:00 AM ET

• Dow futures were up 1.62%, S&P 500 futures gained 2.11%, and Nasdaq 100 futures rose 2.51%.
• U.S. stock index futures surged Wednesday, building on Tuesday’s gains, driven by less hawkish comments from President Trump on the Federal Reserve and China

Forex at 06:00 AM ET

• The U.S. dollar index gained 0.11% to 99.09, the USD/JPY rose 0.28% to 141.93, and the USD/AUD slid 0.71% to 1.5600.
• The U.S. dollar steadied on Wednesday, supported by hopes of de-escalating trade tensions and President Trump’s backing away from threats to fire Federal Reserve Chair Jerome Powell.

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