• Stocks were set to climb for a second straight day after President Donald Trump said he had "no intention" of firing Federal Reserve Chairman Jerome Powell.
• Tesla missed first-quarter expectations as sales fell 20%, and CEO Elon Musk said he'd be spending "significantly" less time working for Trump's so-called Department of Government Efficiency.
• Boeing's first-quarter results improved from the prior-year period, and the company said it plans to ask the FAA for approval to increase 737 Max production.

Here are the most important news items that investors need to start their trading day:

1. Taking a breath

U.S. stocks were poised to climb for the second straight day, a respite for investors after weeks of declines in volatile trading. Futures rose Wednesday, a day after the S&P 500, Dow Jones Industrial Average and Nasdaq Composite all jumped at least 2.5%. Stocks got a boost after President Donald Trump said he had "no intention" of ousting Federal Reserve Chairman Jerome Powell. Meanwhile, Treasury Secretary Scott Bessent told investors he expects a "de-escalation" in trade tensions with China in the "very near future." Trump later said tariffs on imports from China "won't be anywhere near" as high as the current 145%, but "won't be zero." Follow live market updates.

2. Powell out of peril?

Trump saying he has no plans to fire Powell before his term ends next year restored some investor confidence in U.S. assets. It marks a reversal for the president, who in recent days called the central bank chief a "major loser" and said his "termination cannot come fast enough." Economists and investors have worried Powell's removal would cause market panic, as the Fed operates independently of the White House and it's unclear if Trump even has the power to fire the Fed chair. Trump claimed that he "never did" plan to oust Powell.

3. Missla

Tesla fell short of Wall Street's first-quarter expectations. Total revenue dropped 9%, while automotive revenue tumbled 20% for the period. Meanwhile, Tesla's net income plunged 71% from the prior year. Tesla shares have fallen more than 40% this year as the electric automaker faces increased competition from Chinese rivals, boycotts over CEO Elon Musk's massive role in the Trump administration and concerns about how Trump's tariffs will affect its supply chain and expenses. In its shareholder deck, Tesla told investors that "uncertainty in the automotive and energy markets continues to increase as rapidly evolving trade policy adversely impacts the global supply chain and cost structure of Tesla and our peers." It also noted that "changing political sentiment" could affect demand. Even so, Tesla shares rose after the report, as the broader market breathed a sigh of relief about Powell's job security and Musk said the time he will spend working for Trump's so-called Department of Government Efficiency will drop "significantly."

4. Gaining altitude

Boeing wants to boost production of its best-selling 737 Max jets. The company plans to ask the Federal Aviation Administration for approval to increase production to 42 a month from 38, a cap set after a January 2024 accident when a door plug blew off of a 737 Max mid-flight. CEO Kelly Ortberg said Boeing is preparing to ask for the manufacturing increase as the company reported that its losses narrowed and its aircraft deliveries picked up in the first quarter. "We are moving in the right direction and making progress," Ortberg said of the quarter. Boeing's results only included tariffs as of March 31, before Trump ramped up trade conflicts around the globe and exposed Boeing to higher costs for imported parts and materials.

5. Do or dye

The Trump administration wants to bring big changes to the world of snacks. The Food and Drug Administration plans to phase out petroleum-based synthetic food dyes by the end of next year. The agency does not yet have a formal agreement with food companies on how they will get rid of the additives used in products like cereal, candy, chips and sports drinks. While the changes will affect companies including PepsiCo, General Mills and WK Kellogg, it is unclear now how expensive the tweaks will be to make, or whether dimming the colors of snacks will affect demand.

– CNBC's Brian Evans, Kevin Breuninger, Eamon Javers, Lora Kolodny, Ari Levy, Leslie Josephs, Amelia Lucas and Annika Kim Constantino contributed to this report.