US markets are cheering positive signs from trade talks with China over the weekend

• Markets are up aft US-China commercialized talks successful Switzerland implicit the weekend.
• The S&P 500 is trading adjacent levels seen earlier Trump released a slew of tariffs connected "Liberation Day."
• Nomura analysts pass markets whitethorn beryllium disappointed if US tariffs connected Chinese goods stay high.

Markets are successful a cheery temper aft commercialized talks betwixt the US and China successful Switzerland implicit the play yielded what some sides described arsenic encouraging progress.

Treasury Secretary Scott Bessent hailed "substantial progress" pursuing "productive" discussions. Details are expected Monday, helium said successful a statement.

Chinese Vice Premier He Lifeng described the talks arsenic "candid, in-depth and constructive."

US futures were up beardown astatine 11:20 p.m. ET connected Sunday.

• S&P 500 futures: +1.4% astatine 5,756.25
• Dow Jones futures: +415 points oregon 1% astatine
  41,738.00
• Nasdaq 100 futures: +2% astatine 20,529.25

The S&P 500 has astir recovered to pre-"Liberation Day" levels. On April 2, the scale plunged 10% implicit 2 days aft Trump announced a slew of tariffs connected dozens of countries. The scale is present astir 6% little than its February grounds precocious of 6,144.

"The banal marketplace seems to person discounted the evident simmering down of geopolitical tensions," seasoned expert Ed Yardeni wrote successful a enactment connected Sunday.

Improved hazard appetite pushed haven assets little connected Monday:

• Spot gold: -1.3% astatine 3,282.04 per ounce
• USD/JPY: +0.3% astatine 145.81
• USD/CHF: +0.3% astatine 0.8333

Asian equities were besides higher, though gains were constricted owed to capitalist caution:

• Nikkei 225: +0.1% astatine 37,519.80
• Kospi: +0.5% astatine 2,589.48
• ASX 200: +0.2% astatine 8,245.5
• Hang Seng Index: +0.6% astatine 23,006.1

CSI 300: +0.6% astatine 3,869.8

"Continued advancement connected commercialized beforehand has been intelligibly affirmative for hazard markets. But scope for disappointment exists if determination is nary important simplification successful China tariffs," analysts astatine Nomura wrote successful a enactment connected Monday.

President Donald Trump has imposed a combined 145% tariff complaint connected Chinese imports. China's levies connected American goods are 125%.