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RISK-ON IS OFF THE LEASH

Wall Street's main indexes are sharply higher early on Monday as the United States and China reached a deal to reduce tariffs, signaling a truce in a punishing trade war that had kept markets on edge for weeks.

Most S&P 500 index .SPX sectors are higher with consumer discretionary .SPLRCD, up nearly 5%, out front.

Amid the risk-on wave, defensive staples .SPLRCS and utilities .SPLRCU, which are both slightly red, are the laggards.

Under the surface, transports .DJT, chips .SOX, banks .KRX, .SPXBK and small caps .RUT are among outperformers.

Gold stocks .HUI, off more than 7%, are being hit especially hard.

The CBOE market volatility index .VIX is down to the 19.00 area, or its lowest level since March 28.

All three of the main indexes have popped back above their 200-day moving averages. Traders will be watching to see if the strength can hold into the close.

Here is a snapshot of where markets stood just shortly before 10:00 a.m. ET:

(Terence Gabriel)

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MONDAY'S EARLIER LIVE MARKET POSTS:

U.S. STOCK FUTURES ROCKET ON U.S.-CHINA DEAL TO REDUCE TARIFFS CLICK HERE

EUROPEAN TRAVEL RETAIL: RIPE FOR CONSOLIDATION CLICK HERE

DUSTING OFF UKRAINE CEASEFIRE BASKETS CLICK HERE

EUROPEAN BANKS: A RESILIENT EARNINGS SEASON CLICK HERE

STAY BULLISH! US EQUITIES LIKELY TO OUTPERFORM EUROPE CLICK HERE

US-CHINA DEAL LIFTS MINERS, AUTOS, LUXURY; DRAGS DEFENCE CLICK HERE

BEFORE THE BELL: EUROPEAN FUTURES RALLY, PHARMA DOWN CLICK HERE

THE DEVIL'S IN THE LACK OF DETAIL CLICK HERE

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)