The S&P 500 logged its biggest gain in over a month after American and Chinese officials signaled a de-escalation in the trade war between the world’s two largest economies.

This weekend’s talks between Washington and Beijing officials in Geneva culminated in both countries cutting their tariff for at least the next 90 days, with the U.S. slashing its duties on Chinese goods from 145% to 30% and China cutting its levies on U.

Nomura Holdings Inc. strategists upgraded Chinese stocks to a ‘tactical overweight,’ saying the trade truce between the US and China is a significant positive for the Asian nation’s equities.