Stock futures on Wall Street surged Sunday evening as the US cited "substantial progress" in trade negotiations with China, raising hopes of a potential deescalation in tensions between the world’s two largest economies.

Stock market futures in the U.S. surged on Monday as the U.S. and China agreed to temporarily de-escalate their trade war.

U.S futures and global indexes are rising on the back of a significant de-escalation in the trade dispute with China. Speaking from Switzerland on Monday morning, U.S. Treasury Secretary Scott Bessent announced that China and the U.