US stocks shot higher on Monday in the wake of a US-China deal to temporarily slash reciprocal tariffs, a reprieve for markets fretting about the economic damage from a trade war. Wall Street is on track for a banner day after the US and China put tariffs on pause for 90 days,

Stock futures surged Monday morning after the U.S. and China agreed to slash tariffs on one another for 90 days while the two sides work toward a broader trade agreement.

Stock futures jumped late Sunday after top Trump administration officials said the U.S. and China had “productive” trade negotiations over the weekend, without announcing any further details.