India, May 12 -- Stocks are likely to show a strong move to the upside in early trading on Monday, more than offsetting the modest losses posted last week. The major index futures are currently pointing to a sharply higher open for the markets, with the S&P 500 futures up by 3.2 percent.
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.
I...