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Treasury Secretary Scott Bessent offered rough outlines of an agreement that include China easing rare earth export restrictions and buying “significant” amounts of U.S. soybeans in exchange for President Donald Trump removing his threat of adding 100% tariffs on China.

Trump and Chinese President Xi Jinping are scheduled to meet Thursday on the sidelines of a regional economic conference in South Korea, where they will determine the final details of a deal.

Futures tied to the Dow Jones industrial average rose 312 points, or 0.66%. S&P 500 futures were up 0.75%, and Nasdaq futures added 0.91%. That would add to Friday’s rally that saw fresh record highs.

The yield on the 10-year Treasury was flat at 4.003%. The U.S. dollar was down 0.03% against the euro and up 0.16% against the yen. 

Gold fell 0.59% to $4,113.40 per ounce. U.S. oil futures rose 0.80% to $61.99 a barrel, and Brent crude climbed 0.76% to $66.44.

Wall Street is also looking ahead to the Federal Reserve’s policy meeting, which will conclude on Wednesday. Investors overwhelmingly expect another quarter-point rate cut, bringing the benchmark rate to 3.75%-4.00%.

That’s after the consumer price index for September inched up but came in below forecasts, clearing the way for the Fed to focus more on the maximum-employment side of its mandate than the inflation-fighting side.

The coming week will also be busy for tech earnings amid growing concerns that the AI boom may be starting to resemble a bubble.

Meta, Microsoft and Google parent Alphabet report on Wednesday, while Apple and Amazon report on Thursday.