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Fortune
Fortune
Ian Mount

Global markets rally after Trump walks back Powell attacks and Bessent looks for China 'de-escalation'

Donald Trump Jerome Powell China Tesla Inc. US Federal Reserve Scott Bessent Dow Google Nasdaq
(Credit: Michael M. Santiago—Getty Images)
  • The markets this morning: Shares across Asia rallied, with Hong Kong's Hang Seng and Japan's benchmark Nikkei 225 leading the way. Europe markets made big gains in early trading, with Germany's DAX up over 3%. Futures contracts for the S&P 500, Dow and Nasdaq were all up around 2%, continuing Tuesday's gains, as investors hoped that Trump's newly dovish tone on Fed Chair Powell was the real deal.

Stocks: The Dow, S&P 500, and Nasdaq all rose by more than 2.5% Tuesday, recovering most of their Monday losses. Gains for blue-chip Magnificent 7 tech companies like Apple, Amazon, and Meta drove the rise.

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