Stock markets in the United States surged Monday morning after the U.S. and China reached a temporary trade agreement to lower tariffs. 

When Wall Street opened, the S&P 500 increased 2.65%, and Dow Jones Industrial Average futures surged 2.36%, more than 1,000 points. The tech-heavy Nasdaq 100 also rose 3.66%.

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Representatives from the U.S. and China negotiated in Geneva this weekend to arrange for U.S. tariffs on Chinese imports to decrease from 145% to 30% and for China’s tariffs on American imports to decrease from 125% to 10%.

“We concluded that we have a shared interest,” Treasury Secretary Scott Bessent said Monday. “The consensus from both delegations is that neither side wanted a decoupling.”

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Markets worldwide, particularly Asian-Pacific markets, also surged following the trade announcement. Stocks in Hong Kong led the gains in the region, with the Hang Seng Index surging 2.98% at the end of Monday. Mainland China’s CSI 300 Index also increased 1.16% to end the day.

“Today’s announcements on tariffs on China have been much better than we expected,” analysts at Deutsche Bank wrote.