Treasury Secretary Scott Bessent said talks with China had been “very productive.” Both countries agreed to cut “recipricol” tariffs by 115% for 90 days.

The CBOE Volatility index, known as Wall Street's fear gauge, briefly slipped below 20 points for the first time since late March. It was last at 20.37 points. Most megacap and growth stocks firmed in premarket trading, with Nvidia jumping 4.6% and Tesla adding 6.7%.