“Investors have been trying valiantly to hold it together in the midst of a big earnings and economic data week and a big Federal Reserve week next week,” said Carol Schleif, chief investment officer for BMO Family Office based in Chicago.
Similarly, shares in Google’s parent Alphabet Inc rose 4% after the bell when its first-quarter revenue surpassed expectations on an advertising uptick and steady cloud services demand. It had closed down 2 percent. The KBW Regional Banking index dropped 3.9 percent as First Republic shares fell 49 percent, hitting a record low.The beleaguered lender reported a more than $100 billion flight in deposits in the first quarter following the biggest banking crisis since 2008 last month.“People are trying to figure out the health of the regional banks in general.
General Motors Co shares fell 4% after it cautioned that 2022 price gains will not last as the year goes on, even as it lifted full-year profit and cash flow forecasts.Declining issues outnumbered advancers on the NYSE by a 4.57-to-1 ratio; on Nasdaq, a 3.50-to-1 ratio favored decliners.