Happy Tuesday! Today is July 14th and stocks reversed course on Monday, closing lower as a rally in major tech names, which briefly pushed the S&P 500 into positive territory for the year, fizzled out. However, the Dow is set to open higher today as JPMorgan Chase gains on strong earnings. Wells Fargo reported $2.4 billion loss for the quarter and looming evictions may soon make 28 million homeless. Parents are facing decisions on whether or not to send their children to public vs. private schools in regards to re-opening plans.
U.S. stock futures were higher early Tuesday as quarterly results from the major banks started rolling in. Dow Jones Industrial Average futures traded 50 points higher, indicating a 60-point opening gain. S&P 500 and Nasdaq-100 futures traded near the flat line.
The coronavirus pandemic could result in some 28 million Americans being evicted, one expert said. By comparison, 10 million people lost their homes in the Great Recession. Here’s what we can expect from this crisis.
The bank had a net loss of $2.4 billion in the second quarter, or a loss of 66 cents a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv. Revenue of $17.8 billion was also weaker than analysts’ $18.4 billion estimate. The bank also announced a new quarterly dividend of 10 cents a share, a deeper-than-expected reduction in its payout that may indicate the bank’s pessimism about the coming year. Shares of the San Francisco-based bank fell 4.1% in premarket trading.
Ford unveiled its new “family” of Bronco SUVs Monday night, including two- and four-door Bronco SUVs as well as a smaller Bronco Sport SUV. The Bronco models are squarely positioned against Fiat Chrysler’s Jeep brand. The Bronco, according to Credit Suisse, would contribute nearly $1 billion to Ford’s North American operations if sales reach 125,000 units.
With schools across the country deciding how to reopen in the fall, parents are suddenly faced with decisions about how to best educate their children and which type of school can do it.As many institutions evaluate reopening plans for the fall, some families will choose the schools that hold in-person classes, regardless of whether they are public or private. At the same time, the cost of an education weighs heavily.