Stock market futures soar after U.S. and China suspend tariffs for 90 days

Stock futures soared after the U.S. and China on Monday announced a truce in their trade war by agreeing to suspend steep tariffs for 90 days. 

The U.S. reduced its levies on Chinese imports to 30% from as high as 145%, while China cut its tariffs on American goods to 10% from 125%. The deal followed a meeting in Switzerland this weekend involving U.S. Treasury Secretary Scott Bessent, U.S. Trade Administrator Jamieson Greer and Chinese negotiators. 

S&P 500 futures were up 179 points, or 3.2%, as of 7:15 a.m. EST, while Dow Jones Industrial Average futures soared more than 1,000 points, or 2.5%, and Nasdaq Composite futures jumped 822 points, or 4%.