U.S. stock futures traded higher Tuesday as investors tried to regain their footing after a massive late-day turnaround in the previous session. Dow Jones Industrial Average futures were up 128 points, or 0.5%. S&P 500 and Nasdaq-100 futures gained 0.3% and 0.1%, respectively. Wall Street was coming off a session in which a late-day sell-off in tech shares dragged the S&P 500 and Nasdaq sharply lower. The tech-heavy Nasdaq had reached an all-time high before ending the day down 2%. The S&P 500 briefly erased its 2020 losses before the downturn.
Shares of JPMorgan Chase gained 2% in the premarket after the banking giant reported quarterly earnings and revenue that beat analyst expectations. The company posted a profit of $1.38 per share on revenue of $33 billion. Analysts polled by Refinitiv expected earnings of $1.04 per share on sales of $30.3 billion. JPMorgan also got a boost from a 79% surge in trading revenues. To be sure, the bank also set aside nearly $9 billion for credit losses as the coronavirus pandemic clouds the global economic outlook. JPMorgan was the first of the major banks to report earnings.
Quest Diagnostics and LabCorp, two of the nation's largest lab diagnostics testing companies, said the surge in U.S. coronavirus cases has led to screening delays across the country. "We attribute this demand primarily to the rapid, continuing spread of COVID-19 infections across the nation but particularly in the South, Southwest and West regions of the country," Quest Diagnostics said in a statement. More than 3 million coronavirus cases have been confirmed across the U.S., including over 130,000 deaths, according to Johns Hopkins University data. The U.S. has seen a resurgence in coronavirus cases, particularly in Florida, California and Arizona.
Tesla announced it is lowering the price of its Model Y crossover by $3,000 and pulled the plug on a lower-price standard range version. The news comes less than four months after the electric car maker started delivering Model Y cars to customers. Tesla shares jumped more than 6% in the premarket.
SoftBank hired Goldman Sachs to explore a sale and an IPO of U.K. chip designer Arm Holdings, CNBC has learned through people familiar with the matter. SoftBank had been preparing to spin off Arm in an IPO but recently received purchase interest from an outside party, two sources told CNBC.