U.S. stocks roared back on Monday after the U.S. and China agreed to over the weekend in Switzerland, raising hopes a trade war won't push the economy into a recession.

The surged 961 points, or 2.3% and at the high of the session was up nearly 1,100 points. The popped 2.6%, bringing its gain since its April intraday low at the height of tariff pessimism to more than 20%. The benchmark has cut its year-to-date losses to just 1%.

The boomed 3.8%, as the initial China agreement sent tech stocks tied to the country like Tesla and Apple flying higher.

Treasury Secretary Scott Bessent said on Monday that talks with China had been "very productive" and both countries had agreed to cut "reciprocal" tariffs by 115% for 90 days. That brings U.S. tariffs on Chinese goods down to 30%, and Chinese tariffs on U.S. imports to 10%.

Bessent told C온라인카지노사이트's "" on Monday that he expects to meet once again with representatives from Beijing in the "" to iron out a bigger agreement.

Tesla jumped 7% while Apple and Nvidia gained 5% each. Shares of companies that rely the most on Chinese goods rallied the most. popped 7%. climbed 7%. leaped by 5%.

Tensions between China and the U.S. reached a fever pitch in April after President Donald Trump raised tariffs on China to 145%. Beijing then with 125% duties of its own targeting U.S. goods. The S&P 500 nearly closed in bear market territory last month — down more than 20% from a record set in February — following the "liberation day" announcement. Stocks then recovered as Trump dialed back the extra "reciprocal" rates on most countries outside of China in a 90 day pause. Investors bet during the market comeback that the administration would be able to make trade deals over the next three months, including on China.

That has started to play out with a U.K. and U.S. trade deal framework last week and now this preliminary China agreement, which turned out even better than traders expected. Trump himself suggested China tariffs could be lowered to 80% if negotiations went well and the 60% number was reportedly being mulled over, much higher than 30% figure that resulted from the high stakes weekend talks.

"Markets are rallying because investors are surprised with the velocity of the Chinese trade tariff deal progress," said Jeff Kilburg of KKM Financial.

Treasury yields as the China agreement was seen as taking a recession off the table for now. Plus, it made it less likely the Federal Reserve would cut rates anytime soon. Oil as recession fears cooled.

Meanwhile defense stocks where investors hid out during the tariff turmoil were lower on Monday. Coca-Cola and Philip Morris shed 2% apiece. AT&T lost 3%.

Drugmakers reverse higher

Pharmaceutical stocks were bouncing back from earlier losses on Monday after an aimed at bringing down drug prices was deemed not as bad as feared for the industry.

First, there remains some skepticism about whether the rules could hold up to court challenges. Also, the final order included a new mechanism that would increase the ability for drugmakers to sell directly to consumers, bypassing pharmacy benefits managers.

The last added 1.7% in midday trading. jumped nearly 5%, while , and all rose more than 2%.

However, some pharmaceutical retailers slid given the part of the order establishing a platform for Americans to buy products directly, cutting out so-called middlemen. tumbled more than 4%, while fell more than 2%. On the other hand, rallied more than 7% as investors wondered if the company's direct-to-consumer model could benefit under this plan.

— Christina Cheddar Berk, Alex Harring

NRG Energy stock soars on $12 billion natural gas deal

Shares of soared nearly 20% after the power company struck a $12 billion deal to buy natural gas generation assets from LS Power.

The acquisition will double NRG's generation capacity to 25 gigawatts, the Monday. Natural gas is expected to play a central role in meeting rising power demand from AI data centers, re-industrialization in the U.S., and the electrification of the economy.

NRG sees the deal increasing the compound annual growth rate for its earnings per share to 14% over the next fives years, up from 10% previously.

Gordon Haskett analyst Don Bilson said NRG's bounce Monday is "a lot to ask" given that the company hit an all-time high on Thursday. Nevertheless, Bilson expects the deal will be well received by investors.

— Spencer Kimball

Tariffs on China won't go back to 145% even if 90-day pause ends without full deal, Trump says

President Trump said tariffs could go "substantially higher" if a full deal with China isn't reached during the 90-day pause, but not all the way back to the 145% level.

"At 145, you're really decoupling because nobody is going to buy," Trump said.

— Jesse Pound

Trade agreement will result in a 'fully open' China economy, Trump says

President Donald Trump said Monday said "it's going to take a while to paper" the deal with China but that the country has agreed to remove its non-monetary barriers to trade and "" to U.S. imports.

"They've agreed to open China — fully open China," Trump said.

Trump also characterized the talks with China as "friendly" and said he may speak to President Xi Jinping at the end of this week.

— Jesse Pound

Oil jumps more than 3% on hopes U.S.-China deal will spark economic rebound

Crude oil prices jumped more than 3%, after the U.S .and China agreed to slash tariffs temporarily, easing trade tensions between the world's two largest petroleum consumers.

was up $2.08, or 3.41%, to $63.10 per barrel. Global benchmark rose $2.06, or 3.22%, to $65.97 per barrel.

Traders are hoping that the U.S. and China will strike a broader, durable agreement that will reignite economic growth and boost crude demand.

Oil prices had plunged the l this month as President Donald Trump's global tariff regime raised the risk of a recession that would slow demand. At the same time, OPEC+ has agreed to  to the market this month and next.

— Spencer Kimball

Stocks open higher

Stocks opened higher on Monday, with investor appetite for risk assets growing following a cooling of trade tensions between the U.S. and China.

The Dow Jones Industrial Average gained 975 points, or 2.3%. The Nasdaq Composite popped 3.7%, while the S&P 500 added 2.7%.

— Brian Evans

Bessent says he expects to meet with China again in 'next few weeks'

U.S. Treasury Secretary Scott Bessent on Monday said he expects to continue talks with China in the near-term to iron out a more concrete trade agreement.

"I would imagine in the we will be meeting again to get rolling on a more fulsome agreement," Bessent told C온라인카지노사이트's "" on Monday.

— Brian Evans

Nvidia, Best Buy, Eli Lilly among the stocks making moves premarket

Some stocks are making big moves before the opening bell on Monday:

• Big Tech stocks – Shares of megacap technology companies surged after the U.S. and China , bringing the U.S. tariff rate on Chinese imports down to 30% and China's duties on U.S. imports to 10%. , which has seen  amid increasing competition from local automakers, rose more than 7% — as did . , which  in China, gained more than 6%.  and  advanced more than 5% and more than 4%, respectively.
• Retail stocks – Retailers vulnerable to China tariffs soared following the agreement between the U.S. and China to suspend most levies.  jumped 17%,  rose 10% and  rallied 11%.
• Pharma stocks – Shares of several drugmakers traded lower after President Donald Trump said on Sunday that he will sign an executive order Monday morning that would reduce prescription drug costs "" to match prices paid several by other countries.  shares slid about 3%, while  and  shares each dropped more than 2%. Shares of  and  also each declined more than 2%.

Read the full list .

— Sean Conlon

Pharma stocks fall after Trump says order to lower drug costs coming

Pharmaceutical stocks fell broadly on Monday after President Donald Trump said he would sign an executive order that aims to lower drug costs "by 30% to 80%."

and lost more than 2% each. shed nearly 5%. and were both down more than 3% along with .

— Fred Imbert

Hong Kong stocks surge nearly 3% after U.S. and China unveil details of trade deal

Asia-Pacific markets rallied Monday after China and the U.S. , including a 90-day pause on tariffs and a drop in reciprocal tariffs by 115 percentage points.

Hong Kong stocks led gains in the region with the  surging 2.98% to end the day at 23,549.46, while the Hang Seng Tech index advanced 5.16% to 5,447.35, their highest levels since March 27.

Meanwhile, mainland China's  index increased 1.16% to end the day at 3,890.60.

Indian stocks also saw massive gains following the ceasefire between India and Pakistan over the weekend. The — the worst in nearly three decades — with both sides exchanging fire with missiles and drones.

The benchmark  surged 3.49% while the BSE Sensex gained 3.38% as at 2. p.m. local time.

Japan's benchmark ended the day 0.38% higher at 37,644.26 while the broader Topix index added 0.31% to 2,742.08.

In South Korea, the  index advanced 1.17% to close at 2,607.33 while the small-cap Kosdaq moved up 0.4% to 725.40.

Over in Australia, the benchmark  pared gains to end the day flat at 8,233.50.

— Amala Balakrishner

U.S. and China suspend most tariffs in dramatic thawing of tensions

The U.S. and China on Monday agreed to suspend most tariffs on each other's goods in a move that shows a major thawing of trade tensions between the world's two largest economies.

The trade agreement means that "reciprocal" tariffs between both countries will be cut from 125% to 10%. The U.S.' will remain in place, meaning total tariffs on China stand at 30%.

"We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process," U.S. Treasury Secretary Scott Bessent said in a news conference.

— Sam Meredith

Trump to sign order aiming at lowering prescription drug costs

President Donald Trump said he will sign an executive order Monday morning to introduce "most favored nation" pricing model to lower U.S. prescription drug costs.

"I am pleased to announce that Tomorrow morning, in the White House, at 9:00 A.M., I will be signing one of the most consequential Executive Orders in our Country's history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%," Trump said in a post on Truth Social Sunday.

The policy ties the amount the government pays for some medications to prices paid abroad. In other words, the U.S. would pay no more than the lowest prices paid by other wealthy countries.

"They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA! I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World," Trump said.

— Yun Li

Chinese officials cite 'substantial progress' in trade talks

The Chinese officials who participated in the U.S. trade talks over the weekend

Vice Premier of the People's Republic of China He Lifeng said the meeting "achieved substantial progress and reached important consensus."

"The two sides agreed on establishing a consultation mechanism for trade and economic issues," Lifeng said.

China International Trade Representative Li Chenggang said no matter when a statement is released about a trade deal, it's going to be "big news" and "good news for the world."

— Yun Li