By Spriha Srivastava, CNBC–

U.S. stock index futures pointed to a higher start to the trading day Monday after President Donald Trump announced a delay in trade tariffs on Chinese goods.

At 5:000 a.m. ET, Dow futures were up 120 points, pointing to a higher open of more than 100 points. Futures for the S&P and Nasdaq were also higher.

Market focus is largely attuned to the ongoing trade talks between the U.S. and China. Trump announced

Sunday evening that America is planning to delay a set of additional tariffs on Chinese goods that were due to begin in early March.

In his posts, Trump cited “substantial progress” in bilateral talks between the world’s two largest economies, including intellectual property protection and technology transfer issues. As a result, the president said he would suspend the new levies, however he did not state a new deadline.

Last week, sources familiar with the situation told CNBC that the United States and China are discussing a late March meeting between Trump and Chinese President Xi Jinping in Florida.

On the data front, a Chicago Fed National Activity Index is due at 8:30 a.m. ET, followed by wholesale trade figures and a Dallas Fed manufacturing survey at 10 a.m. ET.

Investors will also be watching corporate earnings numbers on Monday. Etsy, Hersha Hospitality and Shake Shack are set to report after the bell.

—CNBC’s Eustance Huang contributed to this report.