U.S. stock futures rose after falling the day before as fears grew of President Donald Trump eroding the Federal Reserve’s independence. After Wall Street closes, Tesla CEO Elon Musk will likely answer questions from investors about the company’s strategy to fight intense competition and handle blowback from his close links to Trump. Gold exceeds $3,500 after a recent rally. U.S. stock futures rose after markets fell on concerns that the Trump administration may jeopardize Fed independence.

By 03:45 ET, Dow futures had risen 313 points, or 0.8%, S&P 500 futures had gained 48 points, or 0.9%, and Nasdaq 100 futures had gained 178 points, or 1.0%.

The main averages tumbled more than 2% on Monday as investors examined White House comments suggesting they were considering replacing Fed Chair Jerome Powell. Trump has also called Powell a “major loser” and “Mr. Too Late” for not lowering interest rates fast enough to boost the economy. Trump may be setting up Powell to blame for any economic slowdown caused by his tariff measures, according to the Wall Street Journal.

If Trump fires Powell, financial markets, already jittery from Trump’s taxes, may worsen. However, Capital Economics Chief North America Economist Paul Ashworth predicted that a Powell departure “might not be disastrous, as long as Trump quickly lines up a relatively-qualified replacement.” Ashworth said removing Powell would be “the first step” by Trump to undermine Fed independence. “If Trump is set on lowering interest rates then he will have to fire the other six Fed Board Members too, which would trigger a more severe market backlash, with the dollar falling and rates at the long end of the yield curve rising,” he said.

On Tuesday, Tesla will announce its quarterly profits after Wall Street closes, with lackluster demand and a backlash to CEO Elon Musk’s political activities lowering expectations. Tesla sales have fallen due to greater competition and Musk’s closeness to Trump. Musk heads the White House’s Department of Government Efficiency, or DOGE, which aims to shrink the federal government. Given this, investors will certainly want Musk to discuss the debut of a cheaper vehicle and Tesla’s robotaxi company.

“Tesla expectations are very low, and Musk will probably provide his usual barrage of bullish commentary on the call (he may also drop hints about when his time on DOGE will come to an end), but the company’s substantial headwinds aren’t going away anytime soon,” Vital Knowledge said in a note to users.

On a packed earnings schedule, 3M Company will report results before U.S. trading. The Scotch Tape-maker will be one of the first major industrial companies to announce its latest quarterly numbers, and analysts will certainly watch for comments on Trump’s tariffs.

Residential homebuilder PulteGroup may potentially reveal the state of the American property market. Last week, rival D.R. Horton cut its full-year outlook due to poor housing activity and a bad spring season. In addition to other earnings today, GE Aerospace, Verizon Communications, RTX, Danaher, and Lockheed Martin will report.

Today, at least five Fed members will speak, and investors will be looking for comments on the Trump administration-Fed relationship. In Philadephia and Minneapolis, Fed Vice Chair Philip Jefferson, Governor Adriana Kugler, Thomas Barkin, Neel Kashkari, and Patrick Harker will speak. The comments will precede the Fed’s May 7 interest rate decision. Powell noted last week that Trump’s tariffs are larger than projected and could raise inflation and hinder economic growth. He noted that the Fed will seek information on the duties’ impact before considering borrowing cost changes.

Gold prices reached a record high on Tuesday due to safe-haven appeal over rising U.S.-China trade tensions and fears over Trump’s proposed Federal Reserve revamp. At 03:45 ET, spot gold was up 1.4% to $3,471.70 per ounce, while June gold futures were up 1.7% to $3,483.24. Emerging geopolitical dangers, robust central bank demand, and inflation fears drove gold to new highs in the past three sessions, rising more than 3% on Monday.