US STOCKS-Oil slide dents futures as bank earnings get underway

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* UnitedHealth rises on profit beat, reaffirms forecast
* Bank of America dips as profit slumps
* J.C. Penney sinks on report it is considering bankruptcy
* Retails sales data set for 8:30 a.m. ET
* Futures tumble: Dow 1.47%, S&P 1.70%, Nasdaq 0.93%

(Adds quote, details; Updates prices)
By Medha Singh
April 15 (Reuters) - U.S. stock index futures retreated on
Wednesday as another batch of dismal first-quarter earnings
reports and a slide in oil prices lent credence to forecasts for
the biggest economic slump since the 1930s.
Bank of America BAC.N fell 2.7% in premarket trading as it
joined JPMorgan Chase & Co JPM.N and Wells Fargo & Co WFC.N
in reporting a plunge in quarterly profit and setting aside
billions for potential loan losses tied to the coronavirus
pandemic. Goldman Sachs Group Inc GS.N also set aside nearly $1
billion to meet future loan defaults, while Citigroup Inc's
C.N loan loss reserve grew to nearly $5 billion. Their shares
dropped 1.8% and 2.9%, respectively. With the outbreak crushing business activity, analysts
expect earnings for S&P 500 firms to slide 12.3% in the first
quarter, while the International Monetary Fund has predicted the
global economy would shrink 3% in 2020, its sharpest downturn
since the Great Depression. "Stocks have enjoyed a decent rebound over the last month so
perhaps we're seeing a little risk now being taken off the table
as the economic reality of the situation starts to hit home,"
said Craig Erlam, senior market analyst, OANDA.
The benchmark S&P 500 .SPX has climbed about 30% from its
March trough, lifted by a raft of U.S. monetary and fiscal
stimulus and on early signs that coronavirus cases were peaking
in some hotspots, but the index is still down about 16% from its
record high.
The index jumped 3% on Tuesday on hopes the Trump
administration could move to ease lockdowns. However, hotspot
New York later sharply raised its official virus death toll to
more than 10,000. J.C. Penney Co Inc JCP.N slumped 15% as sources said the
retailer was exploring filing for bankruptcy protection after
the virus outbreak upended its turnaround plans. UnitedHealth Group Inc UNH.N , the biggest U.S. health
insurer, reported a fall in quarterly profit, but its shares
rose 2.6% in premarket trading as it maintained its 2020 profit
outlook at a time when major companies have withdrawn forecasts
due to the coronavirus pandemic. Oil majors Exxon Mobil Corp XOM.N and Chevron Corp CVX.N
slipped about 3% as oil prices tumbled after reports suggested
persistent oversupply and collapsing global demand. O/R
At 7:37 a.m. ET, Dow e-minis 1YMcv1 were down 350 points,
or 1.47%, S&P 500 e-minis EScv1 were down 48.25 points, or
1.7% and Nasdaq 100 e-minis NQcv1 were down 81.25 points, or
0.93%.
In a bright spot, carriers American Airlines Group Inc
AAL.O and United Airlines Holdings Inc UAL.O jumped between
7% and 9% as the U.S. Treasury Department said major passenger
airlines had agreed in principle to a $25 billion rescue
package. On the economic front, a Commerce Department report due at
8:30 a.m. ET is expected to show a record drop in U.S. retail
sales in March, while another report is likely to show a fall in
industrial production last month.