U.S. equity markets battled back from their steepest one-day selloff in nearly three months on Friday as Beijing promised to honor President Trump's trade deal.

U.S. equity markets were battling back from their steepest one-day selloff in nearly three months on Friday, aided by Beijing's statements that it's committed to honoring the terms of the phase one trade deal and wants to improve relations with Washington. The Dow Jones Industrial Average gained 680 points, or 2.71 percent, in the opening minutes of trading, while the S&P 500 and the Nasdaq Composite rose 2.55 percent and 2.37 percent, respectively.

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