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Wall St falls as weak earnings fan fears of economic slowdown

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U.S. stocks sank on Tuesday as a downbeat UPS forecast exacerbated investor concerns about a slowing U.S. economy, while a plunge in regional First Republic Bank's deposits added to jitters about the health of the banking sector.

While estimates for first-quarter S&P 500 earnings have narrowed to a 3.9% decline from expectations for a 5.1% decline at the start of April, according to data gathered by Refinitiv, some of the biggest companies have yet to report results.were down 1% and Microsoft slipped 1.8% ahead of their results due after the market close.

Three-month Treasury yields jumped while longer-duration yields fell as investors balanced worries about the U.S. debt ceiling with rising concerns about the regional banking sector and the possibility of an imminent recession. Declining issues outnumbered advancers on the NYSE by a 4.78-to-1 ratio; on Nasdaq, a 3.39-to-1 ratio favored decliners.

The S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 33 new highs and 324 new lows.Reporting by Sruthi Shankar in Bengaluru Editing by Vinay Dwivedi

 

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