US stocks rose on Tuesday as investors weighed second-quarter earnings results for US banks against spiking coronavirus cases. JPMorgan gained after earnings beat Wall Street expectations. Wells Fargo slumped after reporting a loss and cutting its dividend. Coronavirus cases continue to climb in the US, forcing states to rollback reopening plans and threatening the economic recovery from the pandemic recession.
JPMorgan Chase, Citigroup and Wells Fargo collectively set aside nearly $26 billion for potential loan losses. As Fred Katayama reports, quarterly profit at JPMorgan and Citi tumbled while Wells Fargo swung to a loss.
CBC reported that McDonald’s ended its Canadian trial of Beyond Meat in April with no plans to continue. According to Business Insider, the plant-based burger dropped as much as 10% because of the news. While Beyond Meat said in an email they were “pleased with the test,” a JPMorgan analyst said usually if a test goes well, it doesn’t end. Beyond Meat CEO Ethan Brown said the plan with McDonald’s hasn’t changed. Despite the recent drop, Beyond Meat is up more than 90% year-to-date.
David and Victoria Beckham's son, Brooklyn will be walking down the aisle. Brooklyn Beckham asked Nicola Peltz to marry him, and she said yes. Beckham popped the question two weeks ago, but the happy couple announced the news on Saturday. According to CNN, 21-year-old Brooklyn and 25-year-old Peltz began dating at the end of 2019. No word yet on a date for the big day.
Newser reports Ghislaine Maxwell, the girlfriend of the late Jeffrey Epstein, is now in a federal detention center in New York City. However, it isn't the one where Epstein died last year. The British former socialite, and daughter of media mogul Robert Maxwell, is accused of recruiting girls as young as 14 for Epstein to sexually abuse. She was moved to Brooklyn's Metropolitan Detention Center on Monday and awaits a bail hearing on Friday.