Both U.S. and Chinese officials described the weekend's trade talks as productive, providing hope that the world's largest economies could end the trade spat spurred in recent weeks.

U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer spoke with reporters Sunday after trade discussions with Chinese officials ended in Switzerland. Bessent said “substantial progress” was made during the talks and that more details would be released Monday.

On the Chinese side, Vice Premier He Lifeng said the weekend's discussions were “an important first step” in negotiations.

Going into the weekend, traders hoped the talks would be a turning point for the two largest economies, which have recently engaged in tit-for-tat tariffs. The ratcheting of import duties resulted🐽 in 145% tariffs on Chinese goods coming into the U.S. China has levied tariffs of 125% on U.S. go💮ods.

S&P 500, Dow and Nasdaq futures all rose more than 1% after the positive talk from government officials.