Dow futures up 350 points, JPMorgan up even after earnings decline

Jamie Dimon details JPMorgan strength in annual letter, says US strong

Jamie Dimon, CEO of JP Morgan Chase, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020.

Adam Galica | CNBC

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8:15 am: Tesla shares rise on upgrade

Shares of the electric automaker rose more than 7% in premarket trading on Tuesday following an upgrade to neutral from  underperform at Credit Suisse. The firm said Tesla’s competitive advantage in the electric vehicle world has increased as the coronavirus disruption forces legacy automakers to make tough decisions about product investment. “It competitively has more edge in the transition to EV as coronavirus disruption will make it more difficult for legacy automakers to balance the long-term shift to EV in the face of near-term cycle disruption,” Credit Suisse research analyst Dan Levy told clients. Credit Suisse hiked its price target to $580 per share from $450 per share, implying Tesla’s stock will fall 12% from its current level of $650.95 per share.  — Fitzgerald 

8:09 am: WHO says ‘not seeing peak yet’ in virus cases

WHO spokeswoman Dr. Margaret Harris said at a briefing in Geneva that 90% of new cases of the coronavirus are coming from the United States and Europe and “we are certainly not seeing the peak yet.” Spain, one of the hardest-hit countries reported its lowest increase in, new cases since March 18, though its death toll rose to 567 from 517 the previous day. There have been more than 1.9 million confirmed cases around the world and at least 120,449 deaths, according to Johns Hopkins University. The U.S. has seen more than 580,000 cases and over 23,000 deaths. — Pound, Reuters

7:41 am: Stock futures rise as hope around coronavirus grows

U.S. stock futures rose amid growing optimism that the coronavirus outbreak is starting to peak. Dow Jones Industrial Average futures were up more than 300 points. S&P 500 and Nasdaq 100 futures also traded higher. President Donald Trump said in a press conference Monday that growth in new coronavirus infections stabilized, providing “clear evidence” that mitigation is working in the country. New York Gov. Andrew Cuomo struck an optimistic tone about the outbreak in New York state, the epicenter of the pandemic in the United States. Investors also turned to corporate earnings as JPMorgan Chase released its first-quarter results. 

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