Investors should stay bearish on U.S. stocks until the full extent of the economic damage caused by the coronavirus pandemic is known, according to TS Lombard.

Shares of FedEx jumped 9.4% in extended trading on Tuesday after a surge in pandemic-fueled home deliveries helped the U.S. package carrier post better-than-expected quarterly profit and revenue.

Macy’s on Wednesday reported a first-quarter loss, in line with the retailer’s previously announced estimates, as its business took a hit from the coronavirus pandemic.

The bank said it will likely announce a lower dividend on July 14 when it releases quarterly earnings.

Goldman, Bank of America, Morgan Stanley, and Citigroup all said they will maintain their dividend. Wells Fargo, however, said it will cut.

The stocks making the biggest moves in premarket trading include Micron, Conagra Brands, Apple, Xilinx, and more.

The fracking giant’s bankruptcy filing followed an accounting mess at the company that included no budgets, a massive wine collection and a nine-figure bill for parking garages.

The U.K.’s Financial Conduct Authority had forced Wirecard to halt operations on Friday after its parent company filed for insolvency in Germany.

Tuesday’s session marks the last day of June and the second quarter.

CFRA’s Sam Stovall finds the next three months are historically the market’s weakest.