Stocks jump as investors react to tariffs news, Trump’s Powell flip

U.S. stocks opened higher on Wednesday April 23, 2025, with this happening amid a broader market reaction to latest tariffs news and comments on Federal Reserve chair Jerome Powell from President Donald Trump.

The Dow Jones Industrial Average rose 2.2%, gaining nearly 900 points, while the benchmark S&P 500 jumped 2.7%.

Meanwhile, tech-heavy Nasdaq Composite opened more than 3.6% up as earnings and overall investor sentiment buoyed markets.

Among top stock gainers in premarket trading were Tesla (TSLA), Nvidia (NVDA), Palantir Technologies (PLTR) and Apple (AAPL). Investors are also watching IBM, Boeing, and AT&T, which are headlining corporate earnings on the day.

Gains in premarket trades followed Trump’s remarks that he has “no intention” of dismissing Fed Chair Jerome Powell. The reaction on Wall Street was bullish.

However, the Fed chair’s situation and Trump’s stance wasn’t the only item on investors’ menu. Fears continue to linger over the impact of the trade war momentum.

Trump told reporters he will not fire Powell. Nonetheless he wishes to see the central bank chief handle the issue of interest rates differently. This flip follows a week of nervousness and jitters amid Trump’s attacks on Powell.

As well as Wall Street, crypto was also upbeat thanks.This saw Bitcoin (BTC) price rise more than 4% to above $94k. Meanwhile, several altcoins recorded double-digit gains.

Part of the bullish momentum was down to news around trade talks. After surging in late trading in the U.S. session on April 22, stocks continued higher on Wednesday. This was down to reports that the U.S. and top trading partners are making progress in trade talks.

Tariffs had seen stocks plummet and swing higher on the escalation that followed. However, White House says the massive tariffs, mainly against China, are “unsustainable.

Both Treasury Secretary Scott Bessent and Vice President JD Vance have commented on the issue, with the VP noting the U.S. is making progress in its talks with India.

The market reaction saw the 10-year Treasury yield dip 10 basis points to 4.274%. Elsewhere, the 2-year Treasury yield was 3 basis points down at 3.783%.