Stock futures climbed on Wednesday after President Donald Trump said he doesn’t plan to remove Federal Reserve Chairman Jerome Powell from his post as central bank leader. They also got a boost as Trump also signaled tariffs on Chinese imports may go down.

Dow Jones Industrial Average futures rose 613 points, or 1.6%. Futures tied to the S&P 500 popped 2%, while Nasdaq-100 futures added 2.4%.

The rally in futures came after Trump said late Tuesday that he has “no intention” of firing Powell, whose term as Fed chair will end in May 2026.

The comment is a reversal of sorts for the president, who fired off barbs against Powell as recently as Monday, calling the central bank leader a “major loser” and demanding that interest rates come down. Just last week, Trump said in a Truth Social post that Powell’s “termination cannot come fast enough.”

Trump also said he’s willing to take a less confrontational approach to trade talks with China, noting that the current 145% tariff on Chinese imports is “very high, and it won’t be that high. ... No, it won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.”

The iShares China Large-Cap ETF (FXI) popped more than 1% in the premarket. Alibaba also climbed more than 3% before the opening bell.

Stocks are coming off of a winning session, with the 30-stock Dow surging more than 1,000 points to end a four-day losing streak. Both the S&P 500 and the Nasdaq Composite jumped more than 2%.

Investor sentiment on Tuesday was aided by comments from Treasury Secretary Scott Bessent, who hinted at the possibility of “de-escalation” in Trump’s trade war with China. “No one thinks the current status quo is sustainable,” Bessent said while speaking with a group of investors on Tuesday at a meeting hosted by JPMorgan Chase, according to a person in the room.

Even as stocks surged in the session, jittery investors have been flocking toward safe-haven assets in recent weeks. Gold futures are up more than 8% in April, and they touched an all-time high of $3,509.90 on Tuesday.