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

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.

Stock futures rocketed higher Monday after the U.S. and China announced an agreement to reduce their reciprocal tariffs, offering a sense of relief for investors who'd feared a significant economic downturn from President Donald Trump's trade policies.