A cooling of trade tensions between the world's two biggest economies has U.S. stocks set to soar in early Monday trading.

The U.S. and China have both agreed to mutually pause tariffs after talks in Geneva. The triple-digit tariffs that both China and the U.S. had on each other amounted to an effective trade embargo, and this was mainly why the stock market has been bearish.

Stock market futures spiked amid initial reports of the announced new tariffs agreement between the United States and China.