RBC Capital Markets managing director Gerard Cassidy provides insight ahead of an earnings parade for banks beginning Tuesday.
U.S. equity futures are trading between gains and losses heading into the Tuesday’s Wall Street session.
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A trio of big financial names will report results – JPMorgan Chase, Citigroup and Wells Fargo – will release their numbers ahead of the opening bell.
Delta Air Lines is the first of the airlines to post results for what analysts say will be the worst quarter for the group in aviation history after the coronavirus pandemic grounded the global travel industry.
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Shares fell in Asia on Tuesday as skepticism set in about the recent upward momentum in global markets given rising confirmed coronavirus cases and percolating tensions between the U.S. and China.
The White House’s decision to reject nearly all Chinese maritime claims in the South China Sea added to investor jitters. The world’s two largest economies have been sparring over everything from the pandemic to human rights.
U.S. futures dipped on a Reuters report that China’s Foreign Ministry was going to impose sanctions on Lockheed Martin over U.S. arm sales to Taiwan.
Japan’s benchmark Nikkei sank 0.9 percent, Hong Kong’s Hang Seng tumbled 1.4 percent as reports of locally transmitted coronavirus cases prompted authorities to tighten precautions against the pandemic. China’s Shanghai Composite lost 0.8 percent.
One indicator of how bad the regional damage could get came from the advance estimate of Singapore’s gross domestic product, or GDP, for the second quarter. It showed a 12.6 percent year-on-year contraction, confirming Singapore’s worst recession ever.
In Europe, London’s FTSE declined 0.9 percent, Germany’s DAX fell 1.7 percent and France’s CAC dropped 1.8 percent.
Wall Street is getting a painful reminder of the threat the pandemic poses to the economy, as reopenings bring on fresh spikes in coronavirus cases.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26085.8 | +10.50 | +0.04% |
| SP500 | S&P 500 | 3155.22 | -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, with all the losses accumulating in the last hour of trading after California said it will extend closures of bars and indoor dining across the state, among other restrictions.
Tech losses helped drag the Nasdaq composite down 2.1 percent, while the Dow Jones Industrial Average squeaked out a gain of less than 0.1 percent.
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Benchmark U.S. crude lost 81 cents to $39.29 a barrel. It fell 1.1 percent to $40.10 per barrel on Monday. Brent crude, the international standard, fell 75 cents to $41.97 per barrel.
The Associated Press contributed to this article.
