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

Dow Jones tested new highs amid broad rally in the equity markets. Amazon, which was up by 7.7%, was the biggest gainer in the Dow Jones index today. Lower tariffs on China provide significant support to the company’s business.

Wall Street's main indexes opened sharply higher on Monday as the United States and China reached a deal to reduce tariffs, signaling a truce in a punishing trade war that had kept markets on edge for weeks.