US stock futures flew higher during premarket trading on Wednesday as relief swept the markets after President Trump seemed to relent on some of his threats against Fed Chair Powell and his trade war with China.
In addition to the “Magnificent Seven” stocks, which were all up, here are some individual movers surging premarket:
Tesla (TSLA) stock popped 7% after CEO Elon Musk said he would reduce his hours at the Department of Government Efficiency (DOGE) and that the company’s cheaper electric vehicles were on track for production. The EV maker reported first quarter earnings that missed estimates for revenue and profit, which it blamed on trade uncertainty.
Robinhood (HOOD) shares surged 8% as bitcoin (BTC-USD) rallied to $93,000 on President Trump’s softened stance on firing Fed Chair Powell and China tariffs. Other crypto-related stocks, such as Strategy (formerly MicroStrategy) (MSTR), were also up on Wednesday.
Vertiv Holdings (VRT) stock soared 16% after the company, which makes cooling equipment for data centers, reported strong earnings and raised its guidance. Vertiv said its sales grew 24% year over year.
GE Vernova (GEV) stock is up 6% after the gas turbine and energy equipment company reaffirmed its guidance, which included a $300 million-$400 million hit from tariffs that it plans to offset. GE Vernova topped earnings estimates as well, and the stock is up 25% in the last 12 months since it spun off from GE Aerospace.