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The S&P 500 on Monday was on track to close above its 200-day moving average, a key technical support level that could set the index up for further gains.

President Donald Trump’s agreement with China to temporarily slash tariffs for 90 days offered the world a bit of welcome relief. The Trump administration agreed after talks this weekend in Switzerland to pare back its 145% in tariffs charged on imports from China to 30%. The Chinese government chose to reduce its retaliatory import taxes on U.S. goods from 125% to 10% while the sides continue to negotiate.

(Bloomberg) -- US President Donald Trump said China had agreed to remove non-tariff barriers to US imports as he announced a deescalation of his trade war with Beijing, suggesting even greater concessions could be in store if talks progress.Most Read from BloombergA New Central Park Amenity, Tailored to Its East Harlem NeighborsAs Trump Reshapes Housing Policy, Renters Face Rollback of RightsWhat’s Behind the Rise in Serious Injuries on New York City’s Streets?NYC Warns of 17% Drop in Foreign To

Tariffs on imports from China have been cut from 145% to 30% for the next 90 days, which reduces a major headwind for importers. The market was on fire early on Monday after President Donald Trump announced the reduction of tariffs on Chinese imports from the self-imposed 145% to 30%, for at least the next 90 days. Mattel (NASDAQ: MAT) was a big winner, rising 11.1% at its peak and holding a 10.2% gain at 3:45 p.m. ET after being in the president's crosshairs.

Currently, 97% of strollers and 87% of car seats are imported from China.

The trade war puts profit outlooks by companies on shaky ground, and with them the S 500’s valuation.

The U.S. and China on Monday announced a 90-day pause on most tariffs blocking trade between the world's two largest economies. Analysts say the agreement gives Wall Street plenty to celebrate, but that tariff-related risks remain.