With Wall Street embracing another rally, some financial markets are trading like Donald Trump’s “Liberation Day” shock never happened. The S&P 500 jumped 3.3%, and the Nasdaq 100 Index pushed back into a bull market.

Global markets were lifted after the US and China substantially reduced tariffs imposed as part of a trade war between the world’s two largest economies.

Stock futures on Wall Street surged Sunday evening as the US cited "substantial progress" in trade negotiations with China, raising hopes of a potential deescalation in tensions between the world’s two largest economies.