Earnings season kicked off with a bang with reports from some of the largest U.S. financial firms. Earnings are expected from Bank of America (BAC - Get Report) , JPMorgan Chase (JPM - Get Report) , Wells Fargo (WFC - Get Report) , PNC Financial Services (PNC - Get Report) and BlackRock (BX - Get Report) .

Morgan Stanley (MS - Get Report) slashed its staff and cut bonuses. Due to a decline in revenue, Morgan Stanley laid off a number of senior investment bankers and cut bonuses by roughly 15%.

Shares of Fiat Chrysler (FCAU - Get Report) are bouncing back after the automaker's CEO Sergio Marchionne hit back at reports that his company tried to cheat U.S. emissions standards.

Boeing (BA - Get Report) and SpiceJet have reached a deal for more than 200 737 MAX 8 planes that could be worth $22 billion at list prices.

Home-improvement retailer Lowe's (LOW - Get Report) plans to eliminate 1% of its workforce. The company is trying to adapt to shifting shopping habits.