"The market has been pretty punishing in terms of earnings expectations," said Nate Thooft, senior portfolio manager of Manulife Asset Management.
Shares of JPMorgan rose 0.9 per cent, while Wells Fargo slipped 0.1 per cent. JPMorgan is projected to notch a modest drop in earnings per share compared with the same quarter of last year, while Wells Fargo's is expected to see an increase, according to consensus forecasts. Delta gained 0.9 per cent, while American Airlines rose 2.3 per cent and United Continental 1.5 per cent.
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