The S&P 500 is set to rally at the open, but will it extend its gains much further? The S&P 500 closed 0.07% lower on Friday, but today it's set to open dramatically higher following the breakthrough U.S.-China trade deal announced over the weekend.

Wall Street’s three major indexes rallied sharply today with the S&P 500 hitting its highest levels since early March as a U.S.-China agreement to temporarily slash tariffs brought some hopes for the easing of a global trade war, which U.S. President Donald Trump ignited in early April.