U.S. stocks are leaping Monday after China and the United States announced a 90-day truce in their trade war. They agreed to take down most of their tariffs that economists warned could start a recession and create shortages on U.

US stock futures surged even higher on Monday after the US and China said they have agreed to slash most tariffs for 90 days while further trade talks take place. Stocks were already making gains over after the US said it had made "substantial progress" in weekend trade talks with China,

Stocks surged across the board Monday as the U.S. and China’s trade war de-escalated significantly, and the most valuable American companies largely slumping from the Beijing vs. Washington standoff roared back to life.