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

Stocks were headed for big gains on Monday after the U.S. and China said that they had reached a deal to slash tariffs on each other’s goods. Futures tracking the Dow Jones Industrial Average soared 893 points,

This will move US tariffs on Chinese goods from 145% to 30% and Chinese tariffs on US goods from 125% to 10% for a period of 90 days while trade talks continue. The US' 30% tariff is made up of a 10% tariff similar to what the Trump administration has placed on other trading partners, alongside the earlier 20% "fentanyl" tariff that is staying put.