FILE PHOTO: Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease on the floor at the New York Stock Exchange in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid/Files
An upbeat second-quarter report by PepsiCo Inc 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. JPMorgan Chase & Co and Citigroup Inc, which have substantial lending businesses, could see a sharp plunge in net income in the April-June quarter that witnessed the biggest blow to businesses activity.
Meanwhile, tensions between Washington and Beijing escalated further after the United States rejected China’s disputed claims to offshore resources in most of the South China Sea.
Strange because banks earnings are going to be a disaster
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