US stock futures wavered as Wall Street digested the latest progress on US-China trade negotiations and braced for the release of the May inflation report.

US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earths and magnets being resolved. Both sides said they would now take the plan to their country's presidents - Donald Trump and Xi Jinping - for approval.

The S&P 500 climbed on Tuesday, lifted by Tesla's gains as investors awaited results from U.S.-China trade talks aimed at defusing a tariff dispute that has roiled global markets this year. Wall Stree

Negotiators said the two governments would stick to a previous truce and reduce tensions that had escalated in recent weeks between the world’s largest economies.

Gold edged higher even after the US and China said they had agreed on a plan to ease trade tensions during talks in London.

One expert said he expected loosened controls on U.S. exports of semiconductors in exchange for China's releasing of more rare earths.

Officials from the world’s largest economies will try to strike a deal Tuesday to relax painful export restrictions that they have imposed on each other.

Trade negotiations between the United States and China will continue on Tuesday in London, with both sides trying to preserve a fragile truce brokered last month.

High-level delegations from the United States and China are meeting in London to try and shore up a fragile truce in a trade dispute that has roiled the global economy.

The S&P 500 ended higher on Tuesday, lifted by a rally in Tesla as investors bet on positive results from U.S.-China trade talks aimed at defusing a tariff dispute that has roiled global markets this year.