US Equity futures rose about 1%. The US said it’s made “significant progress” toward a bilateral trade deal following talks between Vice President JD Vance and Indian Prime Minister Narendra Modi on Monday, laying down a roadmap for further discussions that New Delhi hopes may shield it from additional tariff hikes.

The two sides have finalized the terms of reference for negotiations on “a new and modern trade agreement,” the White House said in a statement during Vance’s four-day visit to India.

The vice president and his family are on a high-profile trip that underscores India’s importance among countries seeking trade talks with the US. For Modi, the pressure is on to shield Asia’s third-largest economy from disruptions in global trade by striking an early deal with the Trump administration.

“The progress shows that India is better placed than its regional rivals” on trade talks with the US, said Amitendu Palit, an economist specializing in international trade and investment at the National University of Singapore. “Given the pace of negotiations, India has a solid chance of getting a reprieve,” from US’s reciprocal tariffs, he added.

Tech stocks jumped in overnight trading. Super Micro, Palantir up around 2%; Amazon, Nvidia, Tesla up more than 1%.