Futures for the S&P 500 suggested that U.S. stocks would open 3 percent higher when trading begins in New York on Monday morning, which would be the best day for the index since April 9, when a huge rally was spurred by Mr. Trump pausing his “reciprocal” tariffs on all countries except China. Futures for the tech-heavy Nasdaq climbed about 4 percent.
The apparent thaw in relations between the United States and China, even if temporary, was the latest concession offered by the Trump administration, which had sent stocks tumbling last month after announcing unexpectedly high tariffs on dozens of countries.
The S&P 500 dropped almost 20 percent below its peak in February, but it has since rebounded, recovering roughly two-thirds of its losses as various exemptions and pauses to U.S. tariffs have been announced.
In a joint statement, released on Monday after weekend talks in Geneva, the United States and China said they had reached an agreement to reduce their respective tariffs for 90 days while trade negotiations continue.
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