CNBC Daily Open: Strong bank earnings seem to overshadow escalating trade war

1. China's price cuts in rare earths hurt foreign competitors, says Treasury Secretary. 2. Trump administration plans industrial policy to set price floors in industries. 3. Major U.S. banks report strong earnings, boosting market confidence. 4. S&P 500 hits record highs amid uncertainty in U.S.-China trade relations. 5. Future equity performance may depend on earnings from tech giants next week.