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.
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.
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.
Ten days after banks began accepting loan applications from small businesses hurting from the coronavirus pandemic, Israel Shaked was still trying to file his request. "The process is very, very lengthy," he said.
"If you look at Amazon, I never wanted Amazon to be 7% of my charitable trust but I don't want to sell any Amazon. It's fantastic," CNBC's Jim Cramer said.
From emergency loans to deferred credit card payments, credit unions and banks across the country are making accommodations for Americans impacted by Covid-19.
Wall Street's main indexes were set to open higher on Tuesday as the quarterly earnings season began in earnest with JPMorgan Chase and Johnson & Johnson offering the first glimpse of the coronavirus outbreak's impact on corporate America.
JPMorgan is the biggest U.S. bank by assets and a bellwether for the industry
Delta Air Lines has taken over an order worth roughly $3 billion at list prices for 10 Airbus A350 jetliners from Latam Airlines Group ), two industry sources said.
Hyundai Motor Co's North American unit will expand its support for "drive through" testing for the coronavirus and donate 65,000 tests to hospitals in the United States, the South Korean automaker said on Tuesday.
A French court on Tuesday ordered Amazon to limit its business to essential goods within 24 hours to allow for an assessment of epidemic risks, trade union Sud said on Tuesday.
Oil prices plunged again on Tuesday as investors were unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic.
Estimated global airline losses from the coronavirus pandemic have climbed to $314 billion, 25% more than previously forecast, owing to the severity of the economic downturn and a slower than previously expected reopening of international routes.
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.
The global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund said.