Stock futures were rising sharply Monday after the U.S. and China said Monday they reached an agreement to temporarily slash most tariffs on each other's goods following weekend talks in Geneva.

These stocks were poised to make moves Monday:

Amazon.com jumped 7.9%, Meta Platforms rose 6.6%, Nvidia gained 5%, and the remainder of the Magnificent Seven stocks traded higher following the U.S.-China trade deal. Wedbush analyst Dan Ives said the agreement was "very bullish news for the tech trade as the supply chain concerns will now be significantly reduced." Ives said "new highs for the market and tech stocks are now on the table in 2025 as investors will likely focus on the next steps in these trade discussions which will happen over the coming months."

Tesla, another member of the Magnificent Seven, rose 7.9% in premarket trading. The electric-vehicle maker's most productive car plant is located in China, and the country accounted for 22% of total revenue last year.

U.S.-listed shares of Chinese companies also were rising significantly. Alibaba gained 7.3%, JD.com was up 5.8%, Baidu rose 4.7%, and PDD Holdings soared 8.1%.

Eli Lilly declined 2.1%, Pfizer fell 3%, Merck was down 1.9%, and Bristol Myers Squibb declined 2.2% after President Donald Trump said he would sign an executive order that would reduce the cost of drugs in the U.S. Trump's plan brings back a proposal from his first term, the so-called most-favored nation drug policy.

Earnings reports are expected Monday from NRG Energy, Fox Corp., DaVita, Archer Aviation, ZoomInfo Technologies, Hertz Global, and Monday.com.

Reports are expected later in the week from Walmart, Alibaba, JD.com, Cisco Systems, Deere, Applied Materials, CoreWeave, Take-Two Interactive Software, On Holding, Venture Global, Nextracker, Dynatrace, Oklo, Intuitive Machines, and Cava.