US stock futures jumped after President Trump said he has 'no intention' of firing Federal Reserve Chair Jerome Powell, easing fears on Wall Street that the central bank's independence was under threat.

Most legal scholars agree that Trump can’t fire Powell from the Fed’s board of governors, and there is no legal precedent for doing so. However, there is less agreement over whether a president can remove him as chair.

U.S. stock futures jumped higher early Wednesday as the market looked set to continue its rebound after President Donald Trump eased fears on two fronts–the U.S.-China trade war and the threat to Federal Reserve independence.