09:20 AM EDT, 05/12/2025 (MT Newswires) -- US stocks look set to open significantly higher in Monday's trading session, as investors cheer a 90-day trade war pause between the US and China as they negotiate lowering tariffs on each other.

Dow Jones Industrial Average futures were up 2.6%, S&P 500 futures were rising 3%, and Nasdaq futures were gaining 3.9%.

Oil prices were higher with front-month global benchmarks North Sea Brent crude up 3.4% at $66.05 per barrel and US West Texas Intermediate crude up 3.5% at $63.16 per barrel.

In other world markets, Japan's Nikkei gained 0.4%, Hong Kong's Hang Seng surged 3%, and China's Shanghai Composite rose 0.8%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was up 0.6%, Germany's DAX increased 0.5%, France's CAC 40 climbed 1.4% and Spain's IBEX 35 gained 0.6%.

Treasury Secretary Scott Bessent Monday on CNBC he expects to meet with Chinese officials again in the next few weeks to continue trade negotiations. The remarks come after the US and China agreed to a 90-day pause on most tariffs following weekend meetings between the two countries in Switzerland.

In economic news, this afternoon the US Treasury will release Federal Budget Balance figures for April, which measures the difference between the US government's income and expenditure. It is expected to swing to a $256.4 billion surplus in April from a $161 billion deficit in March, indicating a bullish outlook for the dollar.

In equities, shares of Kindly MD (KDLY) skyrocketed 636% after it said Monday it has signed a definitive merger agreement with Nakamoto Holdings to start a Bitcoin treasury strategy. Gryphon Digital Mining (GRYP) shares soared 303% after it said Monday that its majority owned American Bitcoin unit signed a definitive merger agreement to go public with Gryphon. CytomX Therapeutics (CTMX) shares jumped 115% after it priced an underwritten offering of about 76.9 million common shares at $1.30 apiece. And LQR House's (YHC) stock advanced 110%, adding to a 6% gain on Friday.

On the losing side, shares of Superior Industries International (SUP) plummeted 65% after it said Monday that it is withdrawing its fiscal year guidance due to "macroeconomic uncertainty and significant recent events." Vivakor (VIVK) shares plummeted 60% after a 1.3% loss on Friday. Abits Group's (ABTS) stock plunged 47% after gaining 263% Friday. Nuvve (NVVE) shares tumbled 33% following a 144% gain the previous session. And shares of Siyata Mobile (SYTA) dropped 11% after rising 70% on Friday.