US stocks jump after wild week as investors digest wave of corporate earnings reports

Specialist trader Chris Malloy (C) gives a price to traders on the floor of the New York Stock Exchange, October 18, 2013. REUTERS/Brendan McDermid

• Stocks jumped ahead of more corporate earnings, after investors digested last week's mixed results.

• Earnings from top tech companies like Tesla and Netflix are set to roll out this week, which could usher more volatility to markets.

• The Dow soared by over 600 points, and the Nasdaq Composite surged 3%.

US stocks bounced on Monday morning ahead of more corporate earnings reports, potentially ushering in volatility as investors look to how companies have weathered a tough macro climate this quarter.

The upswing followed an earnings beat from Bank of America, whose net revenue rose 8% while other top banks, like Morgan Stanley, posted mixed results on Friday. Investors will also be looking for earnings reports from tech titans like Tesla and Netflix this week.

Experts remain wary though of the current macro backdrop, with voices like Ed Yardeni, Scott Minerd, and Cathie Wood warning that something will soon "break" in markets as the financial system shows more signs of strain.

Here's where US indexes stood at the 9:30 a.m. opening bell on Monday: 

•  S&P 500: 3,680.89, up 2.73%

• Dow Jones Industrial Average: 30,291.96, up 2.22% (657.13 points)

• Nasdaq Composite: 10,663.59, up 3.32%

Here's what else is happening today:

• The UK rolled back almost all of the tax cuts that sparked mayhem in British markets, causing the pound to jump above $1.13.

• JPMorgan CEO Jamie Dimon warned an economic disaster could be looming over the US economy as consumer spending is set to dry up in the first half of next year.

• China stopped sales of LNG to Europe to ensure its own households have enough gas for the winter.

• Meanwhile, Russia's Gazprom is threatening to completely cut off natural gas supplies to Europe if price caps are imposed, showing.

In commodities, bonds, and crypto

• West Texas Intermediate crude rose 1.5% to $86.92  per barrel. Brent crude, the international benchmark, rallied 1.6% to $93.06.

• Gold moved up 1.4% to $1,672 per ounce.

• The 10-year Treasury yield fell 7 basis points to 3.93%.

• Bitcoin rose 1.85% to $19.621.

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