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. Stocks were already making gains over after the US said it had made "substantial progress" in weekend trade talks with China,

Stock futures extended gains, after the U.S. and China said they have agreed to suspend most tariffs on each other's goods while further trade negotiations continue. Contracts tied to the S&P 500 and Dow industrials recently stood more than 2% higher.

U.S. stock index futures jumped on Monday after the United States and China said they had reached a deal to reduce tariffs, easing concerns of an all-out trade war that had gripped global markets.