US STOCKS-China data lifts futures as JPMorgan, J&J kick off earnings

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* JPMorgan quarterly profit slumps
* J&J beats profit estimates, but lowers 2020 forecast
* China's exports, imports shrink less than expected
* Tesla climbs on Credit Suisse upgrade
* Futures rise: Dow 1.21%, S&P 1.00%, Nasdaq 1.33%

(Adds quote, details; Updates prices)
By Medha Singh
April 14 (Reuters) - U.S. stock index futures gained 1% on
Tuesday on better-than-expected trade data from China and signs
some economies were preparing to ease lockdowns, even as the
first batch of earnings reports underlined the hit from the
coronavirus outbreak.
JPMorgan Chase & Co JPM.N reported a first-quarter profit
that slumped by more than two-thirds as it boosted reserves to
cover potential loan defaults due to the pandemic. Its shares,
which have fallen 29% this year, were up 2.4% in premarket
trading. L4N29I2DC
Coronavirus-fueled uncertainty forced Johnson & Johnson
JNJ.N to cut its 2020 adjusted profit forecast, but its shares
rose 3% as its first-quarter profit beat estimates on higher
sales of its cancer drugs and self-care products. Analysts expect a corporate recession for S&P 500 firms in
2020, with a 10.2% slide in earnings in the first quarter and a
22.4% slump in the second, according to IBES estimates from
Refinitiv.
"It should come as no surprise that earnings are going to be
hit very hard in 2020," said Fiona O'Neill, deputy head of
equities research at Fidelity International.
"But it would be wrong to focus too much on 2020. Instead,
we must look to forecast where earnings will go in 2021 and
beyond so that we can continue to identify those companies that
are going to emerge from this as winners."
The benchmark S&P 500 .SPX index has clawed back about 26%
in the past month, powered by historic fiscal and monetary
support and early signs the virus outbreak was peaking in some
U.S. hot spots, but remains about 22% below its February
all-time high.
President Donald Trump said late on Monday his
administration was close to completing a plan to re-open the
economy but some state governors said the decision to re-start
businesses lies with them. Meanwhile, data showed China's exports and imports shrank
less than expected in March as factories restarted production,
but analysts warned a sure-footed recovery was months away.
At 6:58 a.m. ET, Dow e-minis 1YMcv1 were up 281 points, or
1.21%, S&P 500 e-minis EScv1 were up 27.5 points, or 1% and
Nasdaq 100 e-minis NQcv1 were up 111 points, or 1.33%.
American Airlines Group Inc AAL.O and United Airlines
Holdings Inc UAL.O rose more than 4% as sources said some
large U.S. passenger airlines were close to accepting the terms
of a $25 billion offer for government payroll aid. Tesla Inc TSLA.O jumped 6.3% after brokerage Credit Suisse
upgraded the electric carmaker's stock to "neutral" from
"underperform".
Wells Fargo & Co WFC.N rose 1.8% ahead of first-quarter
results due at 8 a.m. ET.