While the tech-heavy Nasdaq Composite slumped on Tuesday, the Dow Jones Industrial Average (DJINDICES:^DJI) enjoyed a solid rally. The Dow was up about 0.85% at 1:05 p.m. EDT. This gain comes despite the U.S. consistently reporting around 60,000 daily confirmed cases of COVID-19 in recent days. California has reclosed indoor restaurants, bars, and movie theaters amid a surge in cases, news that does not bode well for the economic recovery.

Mega-bank JPMorgan Chase (NYSE:JPM) destroyed analyst estimates with its second-quarter numbers, but it also reported a massive provision for credit losses as it prepares for loans to go bad down the line. Meanwhile, Walmart (NYSE:WMT) stock was up after an analyst praised the retailer's upcoming subscription service.

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JPMorgan Chase beats expectations

The second quarter was worse than the first quarter for JPMorgan in terms of the charges taken to account for expected credit losses. The bank took a $10.5 billion provision for credit losses, up from $8.3 billion in the first quarter. To put this in perspective, the provision for credit losses was just $1.15 billion in the prior-year period.

That hefty credit loss provision led to a steep decline in earnings. JPMorgan reported earnings per share (EPS) of $1.38, down 51% from the prior-year period. However, EPS was up 77% from the first quarter, and it beat the average analyst estimate by $0.24. Revenue was $33 billion, up 15% year over year and $2.75 billion ahead of analyst expectations.

The consumer and community banking segment suffered a 9% revenue decline and accounted for $5.8 billion of the total provision for credit losses. The corporate and investment bank segment was the star of the show, with revenue soaring 66% year over year. Commercial banking revenue was up 5%, and asset & wealth management revenue was up 1%.

JPMorgan CEO Jamie Dimon laid out how well the bank is prepared for whatever economic conditions are thrown at it: "We ended the quarter with massive loss absorbing capacity-over $34 billion of credit reserves and total liquidity resources of $1.5 trillion."

While JPMorgan's results compared favorably to expectations, the stock was roughly flat by early Tuesday afternoon.

Walmart's Prime competitor could be a winner

Walmart is expected to announce a subscription service sometime this month meant to take on Amazon Prime. The service, called Walmart+, will reportedly cost $98 annually and be built around free same-day delivery of groceries and general merchandise. While Walmart won't be able to match Amazon's selection of products, grocery delivery could be a big draw as consumers avoid stores due to the pandemic.

Oppenheimer analyst Rupesh Parikh believes Walmart+ will help the retailer protect its grocery market share. Walmart+ will reportedly come with other perks, and it will be priced below Amazon Prime. Parikh sees Walmart+ helping to drive double-digit gains for the stock.

Oppenheimer rates Walmart stock at "outperform" and has a price target of $145. The stock currently trades for around $131. Amazon is nowhere near as strong in online grocery as it is in general online retail, so it makes sense that Walmart would focus its new subscription service on grocery delivery.

Walmart stock was up 1.1% by early Tuesday afternoon. Amazon stock was down 2.7% as tech stocks underperformed the market.