(15 April 2020)DAILY MARKET BRIEF 1:Souring investor mood.

<p>US stock indices extended gains on Tuesday. The S&amp;P500 gained 3.06% and Nasdaq rallied 3.95% as technology stocks led gains. Big banks were among the worst performers of the New York session, followed by energy stocks.</p>
<p>US banks were offered after the first corporate results showed that bank profits were hit by sizeable $12+ trillion loan-loss provisions from potential payment defects from credit-card borrowers and oil companies. Banks must also shoulder a prolonged period of very low interest rates amid the back-to-back interest rate cuts in the US and elsewhere to fight the coronavirus-led economic slowdown. Trading revenue however helped JP Morgan (-2.84%) keeping its head out of water as expected, while Wells Fargo beat interest income consensus surprisingly. Bank of America, Goldman Sachs and Citi will report earnings today, Morgan Stanley will report on Thursday.</p>