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 setting up for a banner day after the US and China put tariffs on pause for 90 days,

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.