Stocks surged early Monday following news that the U.S. and China had agreed to a 90-day pause in their ongoing trade conflict. As part of the deal, both nations will roll back most of the tariffs that economists had warned might trigger a recession and lead to product shortages in American stores.

U.S. President Donald Trump on Friday expressed support for Nippon Steel's $14.9 billion bid for U.S. Steel, saying their "planned partnership" would create jobs and help the American economy. Shares of U.