US stocks open higher: S&P up 0.7%, Dow climbs 160 points

Market Overview - US stocks opened higher with the S&P 500 up 0.7%, the Dow Jones Industrial Average climbing 161 points (0.3%), and the Nasdaq Composite advancing 1% [2][4][6] - Stronger-than-expected corporate earnings helped buoy the market despite ongoing trade tensions with China [3][4] Corporate Earnings - Bank of America shares surged 4% after reporting third-quarter earnings and revenue that exceeded analyst expectations, driven by a rebound in investment banking [4] - Morgan Stanley's stock rose by 7% following stronger-than-anticipated results [4] - Earlier in the week, Goldman Sachs and Wells Fargo also reported solid earnings, contributing to positive market sentiment [4] Trade Tensions - Renewed trade tensions between the US and China have created volatility in the market, with President Trump threatening a cooking oil embargo on China [7][8] - The S&P 500 experienced sharp swings, initially attempting a rebound before closing lower due to these tensions [7] - China announced new sanctions on US subsidiaries of South Korean shipbuilder Hanwha Ocean, escalating the situation [8] Future Outlook - JPMorgan anticipates that tensions may ease following a planned meeting between US and Chinese leaders at the APEC meetings [9] - Treasury Secretary Scott Bessent stated that US trade policy will not be influenced by market volatility, emphasizing a focus on economic best practices for the US [10][11]