European markets and U.S. futures jumped early Tuesday following a weekend trade truce between the E.U. and U.S. after Trump's threat late last week to tack on 50% imports from the trading bloc.

Futures for the S&P 500 climbed 1.5% before the bell, while futures for the Nasdaq rose 1.6%. Futures for the Dow Jones Industrial Average gained 1.4%. Those premarket gains were enough to wipe out all the losses from Friday when Trump went on his E.U. trade tirade.