Futures surged as the U.S. and China will slash tariffs more than hoped after trade talks. Tesla, Palantir, Alibaba are in focus.

US stocks surged to close near the highs of the session on Monday after a US-China deal to temporarily slash reciprocal tariffs offered relief to markets worried about a trade war. Wall Street notched a banner day after the US and China put tariffs on pause for 90 days,

Over the weekend in Geneva, US and Chinese officials issued a joint statement agreeing to a 90-day truce in their trade war. The US will cut tariffs on Chinese goods from 145% to 30%, while China will reduce from 125% to 10%.