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The major U.S. index futures on the Dow Jones, S&P and Nasdaq are currently pointing to a modestly lower open on Thursday, with stocks likely to give back ground after moving sharply higher over the two previous sessions.

Traders may look to cash in on the recent rally after comments from a Chinese Ministry of Commerce spokesperson partly offset optimism about a U.S.-China trade deal.

Ministry of Commerce Spokesperson He Yadong told reporters there are currently “absolutely no negotiations on the economy and trade between China and the U.S,” according to a CNBC translation.

He added that “all sayings” regarding progress on bilateral talks should be dismissed and said the U.S. should cancel all “unilateral” tariffs on China if it really wants to resolve the problem.

A slump by shares of IBM Corp. (NYSE:IBM) may also weigh on Wall Street, with the tech giant plunging by 6.6 percent in pre-market trading despite reporting better than expected first quarter earnings.

Consumer products giant Procter & Gamble (NYSE:PG) may also come under pressure after reporting mixed fiscal third quarter results and cutting its full-year guidance.

On the other hand, shares of Texas Instruments (NASDAQ:TXN) are soaring by 9.4 percent in pre-market trading after the chipmaker reported better than expected first quarter results and provided upbeat guidance for the current quarter.

Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of earnings news from Google parent Alphabet (NASDAQ:GOOGL) and Intel (NASDAQ:INTC) after the close of today’s trading.

Following a substantial move to the upside early in the session, stocks gave back ground over the course of the trading day on Wednesday but held on to strong gains. The major averages all ended the day sharply higher, with the Nasdaq posting a particularly strong gain.

The Nasdaq soared as much as 4.5 percent in early trading before pulling back but still closed up 407.63 points or 2.5 percent at 16,708.05. The S&P 500 also shot up 88.10 points or 1.7 percent to 5,375.86 and the Dow jumped 419.59 points or 1.1 percent at 39,606.57.

Stocks initially extended Tuesday’s rally after President Donald Trump appeared to soften his stance on Federal Reserve Chair Jerome Powell.

“I have no intention of firing him,” Trump told reporters on Tuesday but reiterated he would like to see Powell and the Fed resume lowering interest rates.

Trump’s attacks on Powell, including calling him a “major loser” as recently as Monday, had led to anxiety on Wall Street about the Fed’s independence.

The president also suggested he’s willing to take a less confrontational approach to trade talks with China, predicting the current 145 percent tariff on Chinese imports will “come down substantially.”

Adding to the positive sentiment, Treasury Secretary Scott Bessent said there is an “opportunity for a big deal” between the U.S. and China.

“If they want to rebalance, let’s do it together,” Bessent said during an appearance at the Institute of International Trade and Finance in Washington, D.C. “This is an incredible opportunity.”

Buying interest waned over the course of the session, however, as traders continue to express concerns about recent volatility in the markets triggered largely by Trump’s words.

“There seems to be something different in the air. Instead of the bluster, threats and hiked tariffs which have been the hallmark of Donald Trump’s administration over the past few months, a more conciliatory tone seems to be emanating from the White House,” said AJ Bell head of financial analysis Danni Hewson.

She added, “Of course, one post on Truth Social could set the rollercoaster back on another circuit, but even the US president must have felt a bit ruffled when he saw the perfect storm of falling equities, a battered dollar and rising US Treasury yields.

Nonetheless, shares of Tesla (NASDAQ:TSLA) remained sharply, with the electric vehicle maker surging by 5.3 percent.

The spike by Tesla came after the company reported weaker than expected first quarter results but CEO Elon Musk said amount of time he spends with the Department of Government Efficiency will decline “significantly” beginning in May.

Despite the pullback by the broader markets computer hardware stocks held on to substantial gains, with the NYSE Arca Computer Hardware Index spiking by 4.0 percent.

Semiconductor, networking and software stocks also saw continued strength throughout the day, contributing to the surge by the tech-heavy Nasdaq.

Outside of the tech sector, considerable strength also remained visible among airline stocks, as reflected by the 2.4 percent jump by the NYSE Arca Airline Index.

Financial, retail and steel stocks also saw closed significantly higher, while gold stocks bucked the uptrend amid a steep drop by the price of the precious metal.

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