U.S. stocks rebounded on Tuesday as a spate of quarterly earnings reports and hints at the de-escalation of U.S.-China trade tensions brought buyers in from the sidelines.

U.S. stocks jumped further in extended trade after President Donald Trump said he has no plans to fire Federal Reserve Chair Jerome Powell, stepping back from his recent rhetoric against the central bank chief.

Market Snapshot

The Dow Jones Industrial Average rose 1,016.57 points, or 2.66%, to 39,186.98, the S&P 500 gained 129.56 points, or 2.51%, to 5,287.76 and the Nasdaq Composite gained 429.52 points, or 2.71%, to 16,300.42.

Market Movers

Tesla Motors shares jumped over 5% in after hours trading after first-quarter results missed analysts’ estimates on the top and bottom lines. The electric vehicle company earned an adjusted 27 cents per share on revenue of $19.34 billion, while analysts polled by LSEG were looking for 39 cents per share in earnings and $21.11 billion in revenue. Tesla shares rose 4.6% on Tuesday.

Other Mag 7 stocks also kept rallied in after hours. Meta rose 4%. Amazon and Nvidia rose 3%. Apple rose 2%.

Enphase Energy — The energy technology company sank more than 9% after first-quarter results missed Wall Street estimates. Enphase reported adjusted earnings of 68 cents per share on revenue of $356 million, while analysts surveyed by LSEG forecast earnings of 70 cents per share and $361 million in revenue. The low end of Enphase’s second-quarter revenue outlook also fell short of analysts’ estimates.

Intuitive Surgical — The biotechnology stock lost almost 1%. The company warned that its non-GAAP gross profit margin for 2025 will range from 65% to 66.5% of revenue, down from 69.1% in 2024, reflecting estimated effects from tariffs. The outlook overshadowed beats on the top and bottom lines for the first quarter.

SAP SE — The software stock gained 9% on the heels of a first-quarter earnings beat. The company earned an adjusted $1.44 per share, while analysts polled by LSEG were looking for $1.32 per share.

Oklo Inc. — The nuclear technology company pulled back nearly 3% following news that OpenAI CEO and Oklo chair Sam Altman is stepping down from the startup. The move is widely expected to give Oklo increased flexibility to pursue partnerships with hyperscalers, including OpenAI.

Bristol-Myers Squibb — The biopharmaceutical giant tumbled nearly 4%. The company said a Phase 3 trial of its drug Cobenfy failed to show a statistically significant result when used as a supplemental treatment for adults with schizophrenia.

Bitcoin reclaimed the $93,000 level as investors jumped into the crypto for a second day amid turbulence in the stock market. On Monday, it rose about 3%. Crypto shares rose on Tuesday. CleanSpark rose 17%; MARA Holdings rose 14%; Riot Platforms rose 13%; Strategy, Coinbase up 8%.

Boeing rose 2% after the aerospace company agreed to sell portions of its Digital Aviation Solutions business to private-equity firm Thoma Bravo in a deal worth $10.55 billion.

GE Aerospace reported first-quarter adjusted earnings of $1.49 a share on sales of $9.94 billion. Analysts had expected the the commercial and military aircraft company to report profit of $1.27 a share on sales of $9.1 billion. GE Aerospace backed its 2025 forecast of adjusted earnings of $5.10 to $5.45 a share. The stock rose 6.1%.

Verizon Communications rose 0.6% after first-quarter earnings beat Wall Street expectations and Verizon stuck to its guidance. The telecommunications giant said more customers than expected canceled their phone contracts amid worries about a rise in inflation.

Lockheed Martin was up 0.8% after rising higher earlier in the session. The defense contractor's first-quarter earnings topped analysts' expectations amid rising geopolitical tensions and a chaotic first few months for the Trump administration. Lockheed Martin reported earnings of $7.28 a share on sales of $18 billion; Wall Street was looking for profit of $6.34 a share and sales of $17.8 billion. The company left its full-year guidance unchanged.

RTX tumbled 9.8%. The aerospace and defense company posted better-than-expected earnings for the first quarter but its full-year sales outlook missed Wall Street estimates. RTX guided for adjusted sales in the range of $83 to $84 billion in 2025, below the $84.16 billion expected by Wall Street. The company said the outlook doesn't include the impact of the recently enacted incremental U.S. and non-U.S. tariffs.

3M rose 8.3%. The materials sciences company reported better-than-expected first-quarter earnings. For the full year, 3M maintained its earnings range of $7.60 to $7.90 a share, but included a tariff impact of 20 cents to 40 cents.

Northrop Grumman sank 12.5%. The aerospace and defense contractor reported first-quarter earnings that missed analysts' expectations, and cut its 2025 forecast for adjusted profit. The company acknowledged a pretax loss of $477 million in the first quarter, citing higher manufacturing costs within its B-21 Raider stealth bomber program.

First Solar rose 10.5%. The U.S. set new duties as high as 3,521% on solar imports from Southeast Asian countries Thailand, Vietnam, Cambodia, and Malaysia.

Market News

Trump: No plans to fire Fed Chair Powell, but wants lower rates

President Donald Trump on Tuesday appeared to take threats to fire Federal Reserve Chair Jerome Powell off the table after days of intensifying criticisms of the central bank chief over not cutting interest rates.

"I have no intention of firing him," Trump told reporters in the Oval Office on Tuesday. "I would like to see him be a little more active in terms of his idea to lower interest rates," he added.

Bessent Expects Tariff Standoff With China to De-Escalate

US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.

That de-escalation will come in the very near future, Bessent said during an event hosted by JPMorgan Chase & Co. in Washington, which wasn’t open to the public or media. He characterized the current situation as essentially a trade embargo, according to people who attended the session.