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19:26 IST

U.S. stock index futures rose on Tuesday as a better-than-expected profit from JPMorgan lifted the mood in the first batch of quarterly reports from big banks bracing for a wave of coronavirus-driven loan defaults.

US Indices futures were trading in the positive territory before the market opens on Tuesday. S&P 500 futures were trading 0.20% higher at 3154.38, Nasdaq 100 futures were up 0.10% at 10610.6 and the Dow futures contract rose 0.17% to 26,010, at the time of writing.

JPMorgan stock rose 2.1% helped by a surge in revenue at its bond and equities trading operations in the second quarter, despite its net profit being hit by a huge $10.8 billion charge for provisions against bad loans

The largest U.S. lender rose about 2% in premarket trading as it posted a smaller-than-expected 51% drop in second-quarter profit and set aside $10.5 billion to cover potential bad loans.

The United States on Monday rejected China’s disputed claims to offshore resources in most of the South China Sea. The Trump administration also plans to scrap a 2013 auditing agreement that could foreshadow a broader crackdown on U.S.-listed Chinese firms.

There remains a degree of optimism surrounding this upcoming earnings season, despite Fact Set estimating that S&P 500 companies overall will post a 10% decline in revenue and a 45% drop in earnings in the quarter.

The move by the most populous U.S. state came as the recent surge in the spread of the virus across hotspots, also including Florida, Arizona, and Texas, took the total U.S. infections to just under 3.4 million with around 135,000 deaths nationwide, according to data from Johns Hopkins University.

The main economic data release Tuesday will be the consumer price index for June, due at 8:30 AM ET (1230 GMT). Analysts expect CPI to rise 0.5% in June and notch a gain of 0.6% on the year. Core CPI is seen rising by 1.1% year-over-year.

Oil prices weakened sharply on the Californian news, ahead of a meeting of OPEC’s technical staff on Tuesday and Wednesday. The meeting is expected to recommend the group and its allies, including Russia, stick with the current plan to taper its record supply cut of 9.7 million barrels per day to 7.7 million barrels a day from August.

On the technical front, the RSI is currently at 56.21% and suggests that the market can move in an upward direction. The current price is trading above all the Moving Averages. The current price is above the middle band of the Bollinger Bands and is heading upwards. The stochastic is forming an upside crossover.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

Trade Suggestion-NASDAQ FUTURES – Buy at 10,475 Take Profit at 10,800 Stop Loss at 10,250.

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