Stock futures pointed sharply higher Monday, led by chipmaker and tech shares, on optimism that the U.S. and China would strike a trade deal, with President Donald Trump and Chinese leader Xi Jinping set to meet later this week.

Soybean futures are climbing 2% after Treasury Secretary Scott Bessent said initial talks led to an agreement that China will buy a substantial amount, after imports of the crop from the U.S. had fallen to zero.

Treasury Secretary Scott Bessent offered rough outlines of an agreement that include China easing rare earth export restrictions and buying “significant” amounts of U.S. soybeans in exchange for President Donald Trump removing his threat of adding 100% tariffs on China.

Dow futures rose nearly 150 points on Thursday, reflecting cautious optimism among investors following strong earnings from major banks. A similar pattern was visible across other Wall Street indices like the S&P, futures were up 0.1% and Nasdaq 100 futures increased 0.2% today.

(Reuters) -U.S. stock index futures jumped to record highs on Monday as expectations of a trade deal between China and the United States fanned risk appetite in a week packed with Big Tech earnings and a potential interest-rate cut from the Federal Reserve.

Stock futures turned lower in recent trading on Thursday, hinting at more losses after major indexes snapped a three-day winning streak on Wednesday. S&P 500 futures were off by 11 points, or 0.2%, at 6,

The September consumer-price index is set for release at 8:30 this morning. Follow along for live updates on the CPI report and market reaction.

CBS News New York's Willie James Inman has more on what the president got accomplished overseas.