Uncertain week for the US stock market following the release of the first quarter 2023 corporate earnings report.
This was shown by the collapse of the main Wall Street indices on Tuesday, after being dragged down by renewed concerns about the banking sector.
Earlier, the grim report First Republic Bank reported lost $102 billion in customer deposits and record loans of up to $92 billion in the first quarter.
As a result, First Republic Bank shares plummeted by nearly 50% to new lows.
At the close of the New York session, the Dow Jones Industrial fell about 344 points, or 1% to 33,530.84. While the S&P 500 ended 1.6% lower and the Nasdaq Composite fell nearly 2%.
Even so, the publication of earnings reports of big technology companies (Big Tech) gave some support for US stock futures to rise slightly.
Microsoft posted a big jump in revenue from its Intelligent Cloud business segment, pushing its stock up 8%.
Meanwhile, Alphabet (Google) recorded better-than-expected results and reported a profit in its cloud business for the first time on record, driving shares up more than 2%.
Travel companies including Boeing, Hilton Worldwide, Spirit Airlines and Travel + Leisure are scheduled to publish earnings results on Wednesday.
After the close of the session, the focus was on the Meta Platforms, eBay and Mattel reports.
