U.S. stock futures are pointing sharply higher after President Donald Trump said that he had "no intention" of firing Federal Reserve Chair Jerome Powell and struck a softer tone on China; the European Union (EU) fines Apple ( AAPL ) and Meta Platforms ( META ) a combined $800 million for violating the Digital Markets Act; Tesla ( TSLA ) shares are surging in premarket trading on CEO Elon Musk's comments about stepping back from his government role; and GE Vernova ( GEV ) shares are jumping after the firm's first-quarter results topped analysts' estimates. Here's what investors need to know today.

1. US Stock Futures Jump as Investors Review Trump Comments on Powell, China

U.S. stock futures are pointing sharply higher as investors digest President Donald Trump's comments that he intended to keep the Federal Reserve chair, as well as indications he would lower tension with China. Nasdaq futures are up nearly 3% after the tech-heavy added 2.7% Tuesday. S&P 500 futures and Dow Jones Industrial Average futures are up 2.3% and 1.7%, respectively, after the indexes also posted big gains yesterday. Bitcoin ( BTCUSD ) is trading around $93,500. Yields on the 10-year Treasury note are falling to 4.3%. Gold futures as sinking. Oil futures are edging lower.

2. Trump Plays Down Powell Threats, Pledges Friendly Negotiations With China

President Donald Trump said he had " no intention " of firing Federal Reserve Chair Jerome Powell in comments to reporters Tuesday, following earlier statements calling for Powell's " termination " that roiled markets over uncertainty regarding the central bank’s independence. In separate comments that sent global stocks higher , Trump also pledged friendly negotiations with China, saying that tariffs "will come down substantially but it won't be zero," Bloomberg reported.

3. EU Fines Apple, Meta Platforms Combined $800M

Apple ( AAPL ) and Meta Platforms ( META ) are facing roughly $800 million combined in fines from the European Union (EU) for breaching its Digital Markets Act , which is designed to limit the market dominance of big tech firms. The fines amount to 500 million euros ($570.7 million) for Apple and 200 million euros ($228.3 million) for Meta. The action comes as Trump has imposed tariffs on the EU and has been critical of the bloc for what he calls non-tariff trade barriers like regulations. Apple and Meta shares are up 3% and nearly 5%, respectively, in premarket trading amid a broader market surge.

4. Tesla Stock Jumps as Musk Says He'll Focus on EV Maker

Tesla ( TSLA ) shares are surging 7% in premarket trading on CEO Elon Musk's comments that he would allocate more time to the electric vehicle maker beginning next month amid worries that his government work was becoming a distraction. The comments came on the earnings call after Tesla reported weaker-than-expected first-quarter results. Tesla stock is down 41% since the start of the year through Tuesday’s close, significantly underperforming the S&P 500 's 10% drop over the same period.