US STOCKS-Futures rise on upbeat JPMorgan results

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* JPMorgan tops estimates, Wells Fargo swings to net loss
* Delta warns air travel recovery 2 years away
* Futures up: Dow 0.59%, S&P 0.40%, Nasdaq 0.38%

(Adds details, quote; Updates prices)
By Medha Singh and Devik Jain
July 14 (Reuters) - U.S. stock index futures rose on Tuesday
as a better-than-expected profit from JPMorgan lifted the mood
in the first batch of quarterly reports from big banks bracing
for a wave of coronavirus-driven loan defaults.
The largest U.S. lender JPM.N rose about 2% in premarket
trading as it posted a smaller-than-expected 51% drop in
second-quarter profit and set aside $10.5 billion to cover
potential bad loans. "The numbers were better than what people were afraid of.
They're making money in a difficult environment and it shows
what good management and a strong balance sheet can do," said
Christopher Grisanti, chief equity strategist at MAI Capital
Management in Cleveland, Ohio.
Citigroup Inc C.N rose 1.6% despite reporting a plunge in
quarterly profit and setting aside billions for potential loan
defaults. Wells Fargo & Co WFC.N , on the other hand, fell 3%
after it reported a quarterly net loss. Goldman Sachs Group Inc GS.N , Morgan Stanley MS.N and
Bank of America Corp BAC.N which report later this week rose
between 1.4% and 2.6%.
Investors are bracing for what could be the sharpest drop in
quarterly earnings for S&P 500 firms since the 2008 financial
crisis, according to Refinitiv IBES data.
"Expectations are so low that there's a good chance there
will be a decent set of earnings reports over the next two or
three weeks," said Grisanti.
An upbeat second-quarter report by PepsiCo Inc PEP.O
lifted Wall Street early on Monday, but the S&P 500 and Nasdaq
ended the session lower on new coronavirus restrictions in
California and a resurgence in U.S.-China tensions.
The United States on Monday rejected China's disputed claims
to offshore resources in most of the South China Sea. The Trump
administration also plans to scrap a 2013 auditing agreement
that could foreshadow a broader crackdown on U.S.-listed Chinese
firms. At 7:38 a.m. ET, Dow e-minis 1YMcv1 were up 153 points, or
0.59%. S&P 500 e-minis EScv1 were up 12.75 points, or 0.4% and
Nasdaq 100 e-minis NQcv1 were up 40.75 points, or 0.38%.
Delta Air Lines DAL.N edged lower as it warned it will be
more than two years before the industry sees a sustainable
recovery from the "staggering" impact of the coronavirus
pandemic, with demand largely tracking the curve of infections
in different places. Investors will also keep an eye on the Labor Department's
consumer price index (CPI) data for June, expected at 8:30 a.m.
ET.