U.S. futures are higher this morning after President Trump said he will delay the March 1 deadline for additional tariffs on Chinese goods, stating that "substantial progress" has been made. The S&P 500 futures trade 15 points, or 0.5%, above fair value.
President Trump has not provided a new deadline or any details but said he will meet with China's President Xi at Mar-a-Lago to conclude an agreement if both sides continue to make progress. China's Shanghai Composite took the news in stride, rising 5.6% on Monday.
In key corporate news, General Electric (GE 11.65, +1.48) has spiked 14.6% in pre-market trading after news that it will sell its biopharma business to Danaher (DHR 121.60, +8.12, +7.2%) for $21.4 billion.
On the data front, investors will receive Wholesale Inventories for December (Briefing.com consensus 0.4%) at 10:00 p.m. ET.
U.S. Treasuries have edged lower this morning, pushing yields higher across the curve. The 2-yr yield is up three basis points to 2.50%, and the 10-yr yield is up two basis points to 2.68%. The U.S. Dollar Index is down 0.1% to 96.45. WTI crude is down 2.4% to $55.88/bbl.