India, May 12 -- The major U.S. index futures are currently pointing to a sharply higher open on Monday, with stocks poised to more than offset the modest losses posted last week.
The upward momentum on Wall Street comes following news of a U.S.-China trade deal that drastically reduces the massive tariffs on each other's goods.
The White House said the agreement calls for the U.S. and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff.
The U.S. will retain tariffs imposed in response to the fentanyl national emergency, resulting in an effective tariff rate on Chinese goods of 30 percent.
In previous tit-for-tat moves, tariffs on U.S. and Chinese goods had spiked as high as 125 percent and 145 per...