Wells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside nearly $4 billion to cover potential losses on loans to consumers and small businesses hurting due to the coronavirus outbreak.
JPMorgan Chase & Co's profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
Wall Street rose more than 2% on Tuesday on signs some economies would ease strict coronavirus-induced lockdowns, with investors also looking at quarterly earnings from JPMorgan and Johnson & Johnson for clues on the business hit from the outbreak.
Texas energy regulators are scheduled on Tuesday to hear from dozens of energy executives on an initiative calling for the state to mandate an output cut to stem the sharpest oil price drop in decades.
An unprecedented deal by oil producers to curb supply to match demand hollowed out by the coronavirus pandemic is set to depend partly on purchases by consumer countries for their strategic stocks on a scale not before seen.
U.S. import prices dropped by the most in more than five years in March amid declines in the costs of petroleum products and a range of other goods, pointing to import deflation that could deepen amid the coronavirus pandemic.
U.S. House Speaker Nancy Pelosi on Tuesday rejected Senate Majority Leader Mitch McConnell's proposed emergency spending plan to help small businesses cope with the coronavirus outbreak, saying it did not do enough to help hospitals or state and local governments.
Mexico's president has incurred a debt with President Donald Trump by accepting U.S. help to end a standoff over global oil cuts, triggering concern the American president will in return make the country pay on issues like migration and security.
Delta Air Lines has taken over an order worth roughly $3 billion at list prices for 10 Airbus A350 jets from Latam Airlines Group , the Chilean carrier said.
Standard Chartered Plc is the first major global bank to tell employees not to use Zoom Video Communications Inc during the coronavirus pandemic due to cybersecurity concerns, according to a memo seen by Reuters.
Professional investors are heading for the sidelines while demanding that companies stop using their cash to buy back stocks and instead improve their balance sheets.
Rolex, Patek Philippe and Chanel will not exhibit at MCH Group's Baselworld watch and jewellery trade show in 2021, they said on Tuesday, another blow to the flagging event that has already seen high-profile exits including Swatch Group .
General Motors Co said on Tuesday it has started mass production of ventilators needed to treat severely sick coronavirus patients and would deliver the first batch of the medical equipment to the United States government this month.
U.S. Federal Reserve officials have begun grappling with the complexities of how to simultaneously reopen the country's economy and protect against a resurgence of coronavirus infections, goals they've argued cannot be successfully separated.
The U.S. Treasury Department and passenger airlines have reached an agreement in principle on a $25 billion payroll support package meant to help airlines weather the economic impact of the coronavirus on travel demand, sources with knowledge of the matter said on Tuesday.