Global markets rally after U.S. and China cool trade tensions

Global stocks surged Monday after the U.S. and China agreed to de-escalate tariffs that had effectively frozen trade between the world’s largest economies.

Dow Futures on Wall Street soared after the White House said both sides had agreed to drastically reduce tariffs for 90 days. 

S&P 500 and Nasdaq futures jumped over 3% and 4%, respectively, ahead of the opening bell.

Stock markets in Asia rallied and Europe’s Stoxx 600 index rose 1% after U.S.-China talks in Switzerland resulted in an agreement to slash levies and pursue a broader agreement.

“I would imagine in the next few weeks we will be meeting again to get rolling on a more fulsome agreement,” Treasury Secretary Scott Bessent told CNBC’s “Squawk Box.”