Stocks surged across the board Monday as the U.S. and China’s trade war de-escalated significantly, and the most valuable American companies largely slumping from the Beijing vs. Washington standoff roared back to life.

U.S. stocks are leaping Monday after China and the United States announced a 90-day truce in their trade war. They agreed to take down most of their tariffs that economists warned could start a recession and create shortages on U.

Stock market futures in the U.S. surged on Monday as the U.S. and China agreed to temporarily de-escalate their trade war.