In Wednesday's afternoon trading session, shares of electric vehicle giant, Tesla (TSLA), powered through, skyrocketing over 20%. This drastic jump resulted in the company leading a dramatic rise among the other members of the so-called "Magnificent Seven". This ascent is primarily attributed to the broad relief rally stimulated by President Trump's recently proposed 90-day suspension on most tariffs that were announced last week.

The technology sector spearheaded this hike, with Tesla's meteoric rise establishing the company as one of the standout performers in both the S&P 500 and the Nasdaq. Alongside Tesla, AI chipmaker Nvidia (NVDA) enjoyed a fruitful day, seeing an 18% boost and topping the list of Dow Jones Industrial Average gainers.

Reflecting on the overall growth, the S&P 500 was 9.5% up at Wednesday's close. Concurrently, the Dow had increased by 8%, while the tech-enriched Nasdaq had noted an even more impressive 12% growth.

Furthermore, other semiconductor heavyweights such as Broadcom (AVGO), Advanced Micro Devices (AMD), Micron Technology (MU), and Applied Materials (AMAT) all saw a surge in their shares. This collective rise prompted the PHLX Semiconductor Index (SOX) to soar almost 19%.

Other tech behemoths, such as Meta Platforms (META), also rode the wave of uplift, with their shares leaping nearly 15%. E-commerce leader Amazon (AMZN) experienced a 12% surge, while computing mammoth Microsoft (MSFT) and Google's parent company, Alphabet (GOOGL), each saw a rise of around 10%.

Meanwhile, Apple Inc.'s (AAPL) shares made a significant comeback, being over 15% higher, after experiencing the company's worst four-day run since 2000.