U.S. stock futures jumped early Monday after the U.S. and China agreed to over the weekend in Switzerland.

 pointed to a 3.6% gain, with the  futures higher by 2.8% and  up by nearly 1,000 points, or 2.3%.

U.S. Treasury Secretary Scott Bessent said on Monday that talks with China had been "very productive" and both countries had agreed to cut "recipricol" 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%.

Tensions between China and the U.S. soared after President Donald Trump last month unveiled 145% tariffs on imported goods from China. Beijing then with 125% duties of its own targeting U.S. goods.

that the  rate on imports from other countries is likely to "be in place for the foreseeable future," echoing Trump's comments from .

All three major averages are coming off their first losing week in three. The S&P 500 and Nasdaq Composite shed 0.5% and 0.3%, respectively. The Dow slipped 0.2% last week.

Investors this week will look for signs on how the trade tensions are impacting the economy. The consumer price index reading for April is due Tuesday morning, while retail sales and the producer price index — another inflation measure — are set for release on Thursday.

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