By Janet H. Cho and Reshma Kapadia

Stock futures jumped late Sunday after weekend trade talks between senior U.S. and China delegations in Switzerland wrapped up with comments that discussions had been productive.

Treasury Secretary Scott Bessent, who was leading the U.S. trade delegation, said they made "substantial progress" in discussions with their Chinese counterparts, promising a complete briefing Monday morning. "We will be giving details tomorrow, but I can tell you that the talks were productive," he said.

Just after 6 p.m. Eastern time on Sunday, Dow Jones Industrial Average futures jumped more than 530 points, or 1.3%; S&P 500 futures rose 1.4%; and Nasdaq Composite futures increased 1.6%.

U.S. Trade Representative Jamieson Greer also said it was a "very constructive two days," saying that the discussions indicated "perhaps the differences were not so large as maybe thought."

News that China confirmed progress helped lift the dollar in early Asia. "The two things we know: Another announcement tomorrow with more details and a mechanism for talks appears to be re-established, not just for trade talks," says Marc Chandler, veteran currency strategist and chief markets strategist at Bannockburn Global.

That may help thaw relations between the two and lower the worst-case scenarios for the time being, but is unlikely to completely dispel the uncertainty that has gripped the economy.

The White House offered no additional comment after releasing statements by Bessent and Greer in a communication titled "U.S. Announces China Trade Deal in Geneva."

President Donald Trump imposed 145% tariffs on imported Chinese goods after declaring a national emergency. The talks in Switzerland were aimed at getting both parties to the table to negotiate a new trade agreement, potentially lowering that level.

Bessent said in his statement on Sunday that he had spoken with Trump. The president said on his own social media platform late Saturday that the talks in Switzerland had been going well, with "much agreed to." The president added that it was "a total reset negotiated in a friendly, but constructive, manner."

In his statement on Sunday, Ambassador Greer said: "We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency."

The Dow Jones Industrial Average closed down 68 points, or 0.2% last week, at 41,249, snapping a two-week winning streak, in its largest one-week point and percentage decline since the week ending April 17, according to Dow Jones Market Data. The Dow is down 3% so far this year.

The S&P 500 Index and the Nasdaq Composite also notched their biggest one-week point and percentage drops since the week ended April 17.

The S&P 500 Index last week closed down 0.5%, to 5660, and is down 3.8% so far this year.

The Nasdaq Composite Index is down 0.3% last week, to 17,929, and is down 7.2% this year.

This week's economic highlights include the Bureau of Labor Statistics' consumer price index for April, and the National Federation of Independent Business' Small Business Optimism Index for April, both Tuesday.

On Thursday, the Census Bureau reports April retail sales, and the National Association of Home Builders releases its Housing Market Index for May. And on Friday, the University of Michigan releases its preliminary reading of its consumer sentiment survey for May.

Write to Janet H. Cho at janet.cho@dowjones.com

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May 11, 2025 18:23 ET (22:23 GMT)

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