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Wall St sinks as weak earnings fan fears of economic slowdown

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Wall Street's major averages suffered their deepest declines so far this month as a downbeat UPS forecast exacerbated investor concerns about a slowing U.S. economy on Tuesday while plunging deposits at regional First Republic Bank added to jitters about the bank sector's health.

flight in deposits"People are trying to figure out the health of the regional banks in general. Is there a canary in the coal mine? It's really important for mid-size businesses in the country that the regional banks stay healthy," said BMO's Schleif.

debt ceiling"Anytime you hear about a potential default that would trigger a risk-off environment. If we go to the brink and even beyond that wouldn't bode well for risk assets or consumer confidence," said Brian Price, head of investment management for Commonwealth Financial Network in Boston.

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