US stocks decline as traders brace for big earnings from mega-cap tech firms
US stocks traded lower on Tuesday as investors look ahead to earnings results from mega-cap tech companies.
Major laggards include First Republic Bank, which plunged 28% Tuesday morning after reporting quarterly results that showed the regional bank's deposits declined by 40% in the first three months of 2023, accelerated by the widespread banking sector chaos stemming from the fall of Silicon Valley Bank.
Tech giants Alphabet and Microsoft are set to report quarterly results after the closing bell. Consumer confidence data for April will be released on Tuesday as well.
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