Wall Street was on track to open with losses as the initial euphoria over the 90-day truce in the U.S.-China trade war faded.

GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

Stock futures were mixed Tuesday after kicking off the week with massive gains fueled by a de-escalation in the trade spat between the U.S. and China.

Excitement over the surprise trade-war truce between the US and China has quickly turned to caution, as the reality of a more subdued business environment than in the past returned to view. Stocks in Hong Kong slumped as much as 1.

Oil futures added to last week’s gains as the U.S. and China agreed to slash tariffs for 90 days, but settle off the day’s highs as talks on Iran’s nuclear program and the Russia-Ukraine war keep open the possibility of sanctions eventually being lifted.

U.S. stock-index futures are seeing sharp gains after the U.S. and China agreed to mutually slash tariffs temporarily. The Dow Jones Industrial Average is on track to erase the remainder of the ground lost following President Donald Trump's rollout of sweeping tariffs on April 2,

Asia stock markets traded higher on Monday following substantial progress in U.S.-China trade talks on Sunday. Traders awaited further details from the negotiations, which were expected to be announced on Monday.

Asian shares are higher after two days of trade talks between China and the U_S_ made what the U_S_ side said was "substantial progress."