Stock futures rise ahead of bank earnings
JPMorgan Chase and Wells Fargo will report quarterly earnings on Monday.
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U.S. equity futures are pointing to a higher open as the nation's biggest banks kickoff earnings season.
The major futures indexes are indicating a rise of 1.3 percent or about 300 Dow points when trading begins on Tuesday.
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Wall Street began the week with the S&P 500 losing 1 percent after cutting early losses by more than half toward the end of the day. The benchmark index surged 12 percent last week, its best gain since 1974.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43408.47 | +139.53 | +0.32% |
| SP500 | S&P 500 | 5917.11 | +0.13 | +0.00% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18966.143245 | -21.32 | -0.11% |
The S&P lost 28.19 points to 2,761.63. The Dow Jones Industrial Average fell 1.4 percent. The Nasdaq rose 0.5 percent.
China's exports fell 6.6 percent in March from a year earlier, while imports shrank 0.9 percent, a better than expected outcome as factories restarted production, though the global coronavirus health crisis looks set to keep trade under pressure over coming months.
Japan's benchmark Nikkei 225 added 3.1 percent, Hong Kong's Hang Seng rose 0.6 percent and China's Shanghai Composite added 1.6 percent.
In Europe, London's FTSE slipped 0.5 percent, Germany's DAX gained 1 percent and France's CAC added 0.1 percent.
This week, stocks could be in for more volatility as companies report results for the first quarter, though analysts will be focused primarily on what management teams have to say about what the rest of the year looks like.
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JPMorgan Chase and Wells Fargo will report quarterly earnings on Monday.
Analysts predict that earnings for all the companies in the S&P 500 will be down 9 percent in the first quarter from a year earlier, according to FactSet. That would be the biggest annual decline in earnings for the index since the third quarter of 2009 when earnings slumped nearly 16 percent.
The closure of businesses and mandates for people to stay home to combat the coronavirus pandemic have forced a record number of Americans out of work and raised the possibility that many businesses could end up bankrupt. That has many investors anticipating what may be the worst recession since the Great Depression.
There are more than 1.86 million confirmed cases worldwide, led by the United States with more than 557,000, according to a tally by Johns Hopkins University.
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U.S. benchmark crude slipped 35 cents to $22.07 a barrel in electronic trading on the New York Mercantile Exchange.
Brent, the international standard, fell 3 cents to $31.70 a barrel.
The Associated Press contributed to this article.