Oil, base metals, and crop commodities rallied while gold fell after China and the US agreed to lower tariffs on each other, following a weekend of trade talks.

Energy stocks rose in premarket trading on Monday. Halliburton, Occidental up 4%; Schlumberger, Chevron up 3%; Exxon Mobil rose 2%.

Gold stocks fell in premarket trading. Gold Fields fell 10%; Harmony Gold fell 9%; Coeur Mining fell 7%; Newmont, Kinross fell 5%.

Retail stocks rose in premarket trading. Amazon up 8%; Under Armour up 7%; Nike up 6%; Target up 5%; Walmart up 3%.

China will reduce its tariffs on US goods to 10% from a level that climbed to 125% when the two nations began placing retaliatory restrictions on one another. The reduction will last for 90 days, while the US will reduce its own curbs to 30% from 145%.

At a briefing after the talks, US Treasury Secretary Scott Bessent said neither nation wanted their economies to decouple. In a statement, the two countries said they would establish a mechanism to continue discussions about economic and trade relations.