{"id":47580,"date":"2023-04-26T10:06:26","date_gmt":"2023-04-26T10:06:26","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears"},"modified":"2023-04-26T11:36:17","modified_gmt":"2023-04-26T11:36:17","slug":"us-stocks-down-as-first-republics-plunge-sparks-bank-fears","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears","title":{"rendered":"US stocks down as First Republic’s plunge sparks bank fears"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Wall Street stocks plummeted Tuesday, as shares of First Republic Bank were battered after an earnings report that showed it lost a large amount of deposits – reviving worries over the financial sector.<\/p>\n

Investors have been eyeing the performance of regional lenders since the dramatic failures of Silicon Valley Bank and Signature Bank last month, which sparked fears of contagion.<\/p>\n

On Monday, First Republic said it lost more than 40 percent of its deposits in the first quarter this year, and its shares sank nearly 50 percent as of end-Tuesday.<\/p>\n

The Dow Jones Industrial Average slumped 1.0 percent to 33,530.83, while the broad-based S&P 500 fell 1.6 percent to 4,071.63.<\/p>\n

The tech-heavy Nasdaq Composite Index plunged 2.0 percent to 11,799.16.<\/p>\n

The gloomy showing came after First Republic reported a drop of nearly $72 billion in deposits over the first quarter.<\/p>\n

Excluding a $30 billion injection from a consortium of 11 US banks, the figure would have topped $100 billion.<\/p>\n

Besides First Republic, Western Alliance Bancorporation dropped 5.6 percent while PacWest Bancorp slid 8.9 percent.<\/p>\n

“The financial sector is having a bad day,” said Steve Sosnick, chief strategist at Interactive Brokers.<\/p>\n

He added that other contributing factors include the disappointing earnings report of logistics giant UPS. UPS shares fell around 10 percent.<\/p>\n

“UPS is essential to the US economy… If their volumes are disappointing that doesn’t bode well,” Sosnick said.<\/p>\n

Meanwhile, traders are set to digest the corporate results of tech firms Microsoft and Google parent Alphabet, who reported after the bell.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Wall Street stocks plummeted Tuesday, as shares of First Republic Bank were battered after an earnings report that showed it lost a large amount of deposits – reviving worries over the financial sector. Investors have been eyeing the performance of regional lenders since the dramatic failures of Silicon Valley Bank and Signature […]<\/p>\n","protected":false},"author":84,"featured_media":47579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-47580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nUS stocks down as First Republic's plunge sparks bank fears - South Africa<\/title>\n<meta name=\"description\" content=\"Wall Street stocks plummeted Tuesday, as shares of First Republic Bank were battered after an earnings report that showe ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US stocks down as First Republic's plunge sparks bank fears\" \/>\n<meta property=\"og:description\" content=\"Wall Street stocks plummeted Tuesday, as shares of First Republic Bank were battered after an earnings report that showe ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T10:06:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T11:36:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/04\/postQueueImg_1682487393.95.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"681\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"US stocks down as First Republic’s plunge sparks bank fears\",\"datePublished\":\"2023-04-26T10:06:26+00:00\",\"dateModified\":\"2023-04-26T11:36:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears\"},\"wordCount\":261,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/04\/postQueueImg_1682487393.95.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/us-stocks-down-as-first-republics-plunge-sparks-bank-fears\",\"name\":\"US stocks down as First Republic's plunge sparks bank fears - 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