The information technology sector surged 3.7% at midday Tuesday. Stocks rallied globally after the US and China agreed to deescalate trade tensions and reduce tariffs for at least 90 days. The tech-heavy Nasdaq index rose 4.4%, the largest gain in over a month.

Life360 (ASX:360) reported Tuesday first-quarter net income of $0.05 per diluted share, compared with a net loss of $0.14 a year earlier. Total revenue for the three months ended March 31 was $103.6 million, up from $78.2 million a year earlier. Analysts polled by FactSet expected sales of $101.4 million.

Its shares surged over 14% in recent trading on Tuesday.

Meanwhile, the consumer staples sector fell 2.7%.

Ridley (ASX:RIC) completed its underwritten institutional placement and the institutional component of its 1-for-7.43 pro-rata accelerated non-renounceable entitlement offer of new fully-paid shares in the firm, raising around AU$99 million.