Stock market live updates: Futures fall, earnings worse than expected, Goldman a Tesla bull

A man walks by the NYSE as flags fly at full staff on April 09, 2020 in New York City.

Kena Betancur | Getty Images

This is a live blog. Check back for updates.

7:44 am: Bank of America profit slides due to expected coronavirus losses

Bank of America reported quarterly profit that disappointed Wall Street, sending shares down 2.3% in premarket trading. The second largest bank by deposits in the U.S. said it earned 40 cents a share, down 45% as BAC set aside $3.6 billion for anticipated loan losses due to the coronavirus pandemic. Analysts had been looking for 46 cents a share. Revenue of $22.8 billion was roughly in line with estimates, while trading volume easily beat estimates. – Cox

7:36 am: Trump says some states could ‘reopen’ before May

President Donald Trump said Tuesday evening that he believes some states will be able to lift social distancing rules and “reopen” their economies by the end of April. Trump said he “will be speaking to all 50 governors very shortly” and “will then be authorizing each individual governor of each individual state to implement a reopening.” His announcement came a day after the president claimed “total” authority over when to lift state-imposed coronavirus public health safety measures. Though many congressional lawmakers are eager to alleviate the economic pain caused by forced business closures in their states, public health officials warn that to ease rules now could yield a rebound in new COVID-19 cases in the U.S. — Franck

7:35 am: Tesla shares jump on Goldman buy rating

Tesla traded 6.2% higher after an analyst at Goldman Sachs initiated the electric car maker with a buy rating and a price target of $864 per share. “We are positive on Tesla because we believe that the company has a significant product lead in EVs, which is a market where we expect long-term secular growth,” Goldman Sachs auto analyst Mark Delaney said in a note to clients. —FitzgeraldImbert

7:23 am: Stock futures point to losses at the open

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