Tesla reported a first-quarter earnings miss after Tuesday's closing bell, and MarketWatch broke down the results and followed along the post-earnings call. The miss seemed irrelevant for the stock, which rallied nearly 5% as investors cheered news that Chief Executive Elon Musk is expecting to spend more time at the EV maker and less time on DOGE starting next month.

U.S. stocks climbed Wednesday, buoyed in part by President Donald Trump’s retreat on the prospect of firing Federal Reserve Chair Jerome Powell and the president’s indication that tariffs on China “will come down substantially but it won’t be zero.

In a recent press briefing, President Donald Trump said that he has “no intention of firing” Federal Reserve chair Jerome Powell.