U.S. stocks are rising toward records as JPMorgan Chase, Wells Fargo and other big financial companies rally following better-than-expected profit reports.

Investors were disappointed by the absence of updates on Tesla's affordable Model 2 at Elon Musk's "We, Robot" event.

"While it is too soon to assume that this is a turning point, it does suggest that a recession is unlikely in the near term," JPMorgan said.