Stocks surge | JPMorgan's record revenue | Biden's green plan

investors took profits out of tech stock and bought more cyclical names.

VIEW IN BROWSER | SUBSCRIBE TUE, JUL 14, 2020 EVENING BRIEF AS OF TUE, JUL 14, 2020 • 04:36 ET DJIA 26642.59 +2.13% +556.79 S&P 500 3197.52 +1.34% +42.30 NASDAQ 10488.58 +0.94% +97.73   Most Active DOW NAME LAST CHG %CHG JPM 98.21 +0.56 +0.57% AAPL 388.23 +6.32 +1.65% BA 179.96 +4.31 +2.45% S&P 500 NAME LAST CHG %CHG WFC 24.25 -1.16 -4.57% F 6.36 +0.30 +4.95% GE 6.88 +0.18 +2.69% NASDAQ NAME LAST CHG %CHG AMD 54.72 +1.13 +2.11% AAL 11.57 -0.06 -0.52% UAL 31.74 -0.02 -0.06% EDITOR'S NOTE The V-shaped recovery in stocks is looking more like a ragged check mark as coronavirus cases continue to rise, reopening plans are paused and investors get their first look at earnings in the ongoing pandemic.   Stocks rose sharply on Tuesday, but the best performers were those that hadn't enjoyed the snap backs seen in Big Tech, such as Caterpillar, Exxon Mobil, Chevron and even Boeing.   Shares of high-flying Google parent Alphabet, Amazon, Apple, Netflix and Microsoft appear to have lost momentum. As earnings season progresses, those giants will have to justify the lofty valuations they achieved since the market's bottom in March, and investors may turn more to stocks that have underperformed.   "We have likely overdone that trade that has ignored everything cyclical," said Art Hogan, chief market strategist at National Securities.    In line with the wobbly recovery, perhaps the best and the worst of the big banks reported earnings Tuesday. JPMorgan Chase posted better-than-expected results, enjoying a surge in trading revenue that overcame losses in some of its other businesses.   Long-struggling Wells Fargo, on the other hand, reported a $2.4 billion loss and slashed its dividend to 10 cents from 51 cents per share.   "We are extremely disappointed in both our second-quarter results and our intent to reduce our dividend," said Wells Fargo CEO Charlie Scharf. "Our view of the length and severity of the economic downturn has deteriorated considerably."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow rises for a third straight day, rallies more than 500 points as Caterpillar leads Despite a massive recession, JPMorgan Chase just posted record revenue — here's how they did it Wells Fargo shares tumble after posting $2.4 billion loss, dividend slashed to 10 cents Top S&P 500 gainers blow past analyst forecasts, a sign the rally has gone too far U.S. seven-day average of new coronavirus cases surpass 60,000 for the first time Track the latest coronavirus news here Joe Biden unveils $2 trillion green infrastructure and jobs plan House Speaker Nancy Pelosi says she would delay August recess to pass coronavirus relief bill Judge denies bail for Ghislaine Maxwell after she pleads not guilty in Jeffrey Epstein sex crimes case Boeing 737 Max cancellations climb again in dismal first half of the year     TOP VIDEO Tesla doesn't create big return for shareholders, says former GM vice chair Bob Lutz   CNBC PRO Investors crowding into the very biggest stocks are betting tech giants can buck market history   SPECIAL REPORTS One surprise stay-at-home stock winner could have more upside, chart analyst says Spotify's surging stock has gone too far, UBS says in a double downgrade   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS