Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintanay with Jim Kramer, who's back. David Faber here post-night of the New York Stock Exchange. Stocks do look to soar 3% at the open as those U.S.-China trade talks bring a 90-day pause on those high tariff levels.

S&P looks to approach the break-even level for the year so far.

Our roadmap begins with this breakthrough in talks.

The U.S. and China agreeing to slash tariffs for 90 days.

Treasury Secretary on CNBC earlier this morning says he's likely to meet with China again in the next few weeks to work on a bigger agreement.

Apple reportedly is considering raising prices on its iPhones this fall, but it is avoiding linking any of those increases to tariffs.

And President Trump expected to sign an executive order that would be this hour of signing that order to slash drug prices

by what might be, at least according to his various posts on social media as much as 80%.

Shares of many of the big farmer names are down this morning ahead, of course, that announcement.

Let's begin with the U.S.-China trade agreement sparking this global rally today.

For 90 days, the reciprocal tariffs between both countries will be cut from 125% to 10%.

The U.S. 20% duties on Chinese imports related to fentanyl will remain in place, meaning total tariffs on China stand at about 30%.

China tariffs on U.S. imports are lower to 10.

This is what the Treasury Secretary had to say from Geneva earlier on Squawk.

We have a process. Now we have a meeting mechanism. We loosely christened at the Geneva

mechanism, so I don't know where we'll meet again. A very agreeable meeting here.

We got a lot done over two days.

So I would imagine that in the next few weeks, we will be meeting again to get rolling on a more fulsome agreement.

Jim Citi is calling it phase 1.5.

What do you think?

How are you framing this one?

I think it's amazing.

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