Wall Street equities rose slightly while European stock indexes turned lower and the euro took a tumble on Monday as investors greeted a trade agreement between the U.S. and European Union with cautious relief at the start of an action-packed week for markets.

The weekend's framework trade deal, which European Commission President Ursula von der Leyen described as the best the bloc could get, will impose a 15% import tariff on most EU goods and see the EU spend $600 billion on U.S. investments while opening up some important parts of its market.

While the accord may avert a damaging standoff between the trading partners, which account for almost a third of global trade, some European capitals complained it was lopsided in favor of Washington.

Monday's modest equity reaction followed a series of record highs for the S&P 500 and Nasdaq, thanks to solid quarterly earnings so far, bets on megacaps and artificial intelligence stocks as well as optimism that the U.S. would ultimately reach agreements with its trading partners.

The removal of uncertainty for the U.S.-EU relationship was a relief for investors, according to Phil Orlando, chief market strategist at Federated Hermes, who saw the 15% tariff as a lot better than "some of the ridiculous numbers that were being thrown around back in the first week in April."

"You've got some certainty going forward, and you've got numbers that seem reasonable," said Orlando, while noting that Monday's modest reaction made sense after recent gains and ahead of a big week for economic releases, major earnings reports and a U.S. Federal Reserve meeting.

Orlando said that at this point he would not be "throwing massive amounts of money" into a market where the S&P 500 has risen 32% since its April lows.

"Our view is that you need to be patient. You absolutely could have a little bit of a hiccup here, consolidation and some digestion. We still think the market is going to work higher, longer term," he said.