Breakfast News: Relief Rally

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President Trump has reined back his attack on Federal Reserve chair Jerome Powell, saying he never intended to remove him, after calling Powell a "major loser" on Monday. The president still said "I would like to see him be a little more active in terms of his idea to lower interest rates," claiming the economy will slow unless rate cuts happen fast. S&P 500 and Nasdaq futures both soared over 2% on Wednesday morning.

Tesla (NASDAQ: TSLA) posted first-quarter revenue and earnings misses after market close, with automotive revenue down 20% year over year. Deliveries were down, but average selling prices fell too, hitting margins as the company pushes sales incentives.

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