RBC Capital Markets Managing Director Gerard Cassidy provides information ahead of a profit parade for banks beginning Tuesday.
US equity futures are trading higher on Tuesday’s session on Wall Street.
The major futures indices suggest a 0.4 percent increase.
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A trio of big financial names will report results. JPMorgan Chase reported better than expected results. Citigroup and Wells Fargo will also release their numbers ahead of the opening bell.
Delta Air Lines is the first of the airlines to publish results of what analysts say will be the worst quarter for the group in aviation history after the coronavirus pandemic has affected the global travel industry.
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Shares fell in Asia on Tuesday due to skepticism about the recent upward momentum in world markets due to rising confirmed cases of coronavirus and straining strains between the United States and China.
The White House decision to reject almost all Chinese maritime claims in the South China Sea increased investor concern. The world’s two largest economies have been fighting for everything from the pandemic to human rights.
US futures sank in a Reuters report that the Chinese Foreign Ministry was to impose sanctions on Lockheed Martin for US arms sales to Taiwan.
Japan’s Nikkei benchmark sank 0.9 percent, Hong Kong’s Hang Seng fell 1.1 percent, as reports of locally transmitted coronavirus cases prompted authorities to take further precautions against the pandemic. The Chinese compound in Shanghai lost 0.8 percent.
An indicator of how serious the regional damage could be came from the anticipated estimate of Singapore’s gross domestic product, or GDP, for the second quarter. It showed an annual contraction of 12.6 percent, confirming Singapore’s worst recession.
In Europe, London’s FTSE fell 0.5 percent, Germany’s DAX fell 1.6 percent, and France’s CAC fell 1.8 percent.
Wall Street is receiving a painful reminder of the threat the pandemic poses to the economy, as the reopening brings new spikes in coronavirus cases.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 26085.8 | +10.50 | + 0.04% |
| SP500 | S&P 500 | 3,155.22 | -29.82 | -0.94% |
| I: COMP | NASDAQ COMPOSITE INDEX | 10390.843369 | -226.60 | -2.13% |
On Monday, the S&P 500 fell 0.9 percent, and all losses accumulated in the last hour of trading after California said it will extend closings of bars and restaurants across the state, among other restrictions.
Tech losses helped drag the Nasdaq compound down 2.1 percent, while the Dow Jones Industrial Average outperformed a gain of less than 0.1 percent.
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US benchmark crude lost 38 cents at $ 39.72 a barrel. It fell 1.1 percent to $ 40.10 a barrel on Monday. Brent crude, the international standard, fell 29 cents to $ 42.43 a barrel.
Associated Press contributed to this article.
