Life in the Nazac,

Market State overlooking New York City's Times Square,

this is Fast Money.

I'm Melissa Lear.

Traders on the desk are Tim Seymour, Steve Grasso,

and Guyadami, and we're also joined by Jeff Mills,

chief investment officer at Brinmore Trust.

We begin with the story of the day.

Stocks surging as President Trump says we have reached a substantial phase one deal

with China, but the market closing well off its highs as the news came out. A tariff increase will not go in effect

on Tuesday. Huawei will be dealt with separately and the deal is not yet written just agreed

upon in principle. Let's get to Kayla Tousshe, live at the White House with all the details.

Kayla.

Melissa, the president says it's the first of a potentially three phase deal.

He calls it substantial.

He says it's bigger than previous iterations of this deal.

And some of the items you just mentioned were in it, a pledge on currency transparency.

A pledge by China to buy up to $ billion dollars in U.S. agricultural goods.

A tariff hike that was planned for October 15th will not be going forward

and the signaling from the Trade Representative Ambassador Robert Lighthizer was that there will be many weeks

between the signing of this phase one deal

and that December 15th tariff hike

...