US stock futures surged even higher on Monday after the US and China said they have agreed to slash most tariffs for 90 days while further trade talks take place.
S&P 500 futures (ES=F) soared 2.8%, while Dow Jones Industrial Average futures (YM=F) futures rose by over 900 points, or 2.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) led gains, rocketing up 3.6%.
Wall Street is setting up for a banner day after the US and China put tariffs on pause for 90 days, as the scope of the tariff reductions surprised investors. The US is dropping its duties on Chinese imports from 145% to 30%, while China is lowering its 125% tariff on US goods to 10%.
Investors jumped into shares of Big Tech megacaps bruised by trade war worries. AI chip leader Nvidia (NVDA) soared 5%, with Amazon (AMZN), Apple (AAPL), and Tesla (TSLA) also surging.
#Global stocks# rise after #US and #China agree to slash #tariffs by 115%
