JPMorgan, the largest US bank, reported a 51% plunge in second-quarter profit, citing the need to prepare for "increased uncertainty in the macroeconomic outlook." JPMorgan CEO Jamie Dimon and CFO Jennifer Piepszak said much of the pain of the recession is still to come for banks as massive government stimulus efforts begin to taper off. US companies raised a record $190 billion via stock sales during the second quarter — and banks raked in money by brokering the deals. Another sign of the tough road ahead comes from Boeing, which reported Tuesday that 60 orders were canceled in June. Up nextUnitedHealth UNH Alcoa AA BNY Mellon, Goldman Sachs andreport results before US markets open.follows after the close.

Source: CNN July 15, 2020 12:00 UTC