#TradeWarEases U.S. futures jumped collectively on Monday morning, driven by a surprising agreement between Washington and Beijing to reduce tariffs, indicating an actual truce in the trade war that has pressured markets for the past few weeks.

The new agreement, which will be in effect for 90 days, involves the United States reducing the additional tariffs imposed on Chinese imports since April of this year from 145% to 30%, while China will reduce its tariffs on U.S. products from 125% to 10%.

Markets reacted strongly to the news, with the Dow Jones futures rising by about 1,007 points, or 2.44%, while the S&P 500 jumped by 2.98%, and Nasdaq climbed by 3.89%, driven by broad gains in major technology stocks.