By Sam Meredith, CNBC–
U.S. stock index futures pointed to triple-digit gains at the open Monday morning, after Treasury Secretary Steven Mnuchin said the prospect of a trade war was “on hold” following an agreement to suspend tariff threats.
At around 04:45 a.m. ET, Dow futures rose 208 points, indicating a higher implied open of 220 points. The Nasdaq and S&P 500 futures also indicated an upbeat start to the session for their respective markets.
The moves in pre-market trade followed comments from Mnuchin and President Donald Trump‘s top economic advisor, Larry Kudlow, who both said the agreement reached by American and Chinese officials on Saturday helped set up a framework to address potential trade imbalances in the future.
On Saturday, negotiators from the world’s two largest economies said they would continue talking about measures under which Beijing would import more energy and agricultural commodities from the U.S. in an effort to bridge the $335 billion annual U.S. goods and services trade deficit with China.
U.S. stocks closed lower on Friday amid elevated tensions between Washington and Beijing.
Meanwhile, Cheetah Mobile and Qudian were among the major companies expected to release their latest figures before the opening bell. Nordson and Pure Storage were set to release their earnings after the session.
No major economic reports were scheduled to be released on Monday.