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uesday brings us the first day of this earnings session.

Johnson and Johnson, Wells Fargo and JP Morgan all announced their Q1 earnings and the picture was not very bad. JNJ exceeded expectations, while the big banks missed estimates but are in good overall standing. They put aside large sums of reserves in anticipation of higher default rates and still have good standing. They did elaborate that their guidance for the rest of the year is highly sensitive to when the economy is getting back on track, as they hope it will be back in a month’s time. If the crises goes on for longer their guidance will change accordingly. All three stocks are positive in the pre-market, with Wells up 1%, while JNJ and JPM up over 3%.

Market around the world were positive with Asia having pretty significant gains. South Korea was up by 1.7%, China rose an around 2% and Japan lead the way, rising over 3%.

The positive came after China announced better than expected economic data. Exports in the month of March fell only 6.6%, far better than the 15% expected decline.

Europe is still trading at this time, 8 30 AM ET, and the picture is mixed. French CAC is neutral, British FTSE is down 0.5% and German DAX is up 1.5%.

US futures spiked during the night as the Asian markets moved up and they have been steadily rising ever since. At this time the Dow and S&P are up 1.4% and the NASDAQ is outperforming, up 1.7%.

The three big earnings reports came at different times from 7 to 8AM, but there was not any major impact to the indexes, as they are trading in the same range for the last eight hours.