US STOCKS-Wall St set for gains as JPMorgan, J&J kick off earnings

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* JPMorgan, Wells Fargo quarterly profits slump
* J&J beats profit estimates, boosts quarterly dividend
* China's exports, imports shrink less-than-expected
* Tesla climbs on Credit Suisse upgrade
* Futures jump: Dow 1.54%, S&P 1.54%, Nasdaq 1.88%

(Adds quote, details; Updates prices)
By Medha Singh
April 14 (Reuters) - Wall Street's main indexes were set to
open higher on Tuesday as the quarterly earnings season began in
earnest with JPMorgan Chase and Johnson & Johnson offering the
first glimpse of the coronavirus outbreak's impact on corporate
America.
Profits at JPMorgan Chase & Co JPM.N and Wells Fargo & Co
WFC.N plunged in the first quarter, as both banks set aside
billions of dollars to cover potential loan-losses from the
pandemic. L4N29I2DC However, their shares rose between 1.3% and 1.5% in
premarket trading after plunging 29% and 41% respectively, so
far this year, as the health crisis crushed business activity
and halted deal-making.
Coronavirus-fueled uncertainty also forced Johnson & Johnson
JNJ.N to cut its 2020 adjusted profit forecast, but its shares
rose 3.5% as it boosted its quarterly dividend, signaling
financial stability at a time when a slate of blue-chip firms
have suspended dividends to shore up cash reserves. Analysts expect 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 in London.
"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 recouped 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. "The 'turned the corner' narrative has a strong immediacy,
but there remain creeping concerns about a slow economic
re-opening and lasting changes to consumer spending," said
Yung-Yu Ma, chief investment strategist at BMO Wealth Management
in Portland, Oregon.
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 8:52 a.m. ET, Dow e-minis 1YMcv1 were up 360 points, or
1.54%, S&P 500 e-minis EScv1 were up 42.5 points, or 1.54% and
Nasdaq 100 e-minis NQcv1 were up 156.75 points, or 1.88%.
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 7.8% after brokerage Credit Suisse
upgraded the electric carmaker's stock to "neutral" from
"underperform".