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.
Profits at JPMorgan Chase & Co and Wells Fargo & Co plunged in the first quarter, as both banks set aside billions of dollars to cover potential loan losses from the pandemic.
However, their shares rose between 1.3% and 1.5% in premarket trading after plunging 29% and 41% respectively, so far this year, as the health crisis crushed business activity and halted deal-making.
Coronavirus-fueled uncertainty also forced Johnson & Johnson to cut its 2020 adjusted profit forecast, but its shares rose 3.5% as it boosted its quarterly dividend, signaling financial stability at a time when a slate of blue-chip firms have suspended dividends to shore up cash reserves.