Wall St Falls As Weak Earnings Fan Fears of Economic Slowdown The official Saudi Press Agency

Wall St Falls As Weak Earnings Fan Fears of Economic Slowdown The official Saudi Press Agency

New York, Apr 25, 2023, SPA -- 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, Reuters reported.

United Parcel Service Inc shares fell 9.8%, on track for their most significant one-day drop in more than eight years after the courier company forecasted full-year revenue at the lower end of its earlier outlook as it navigates a weakening economy.

This helped push the Dow Jones Transport Average index down 3.6%, and UPS rival FedEx Corp lost 3%.

This added to worries for investors waiting for quarterly results from mega-cap technology companies, including Microsoft Corp. Data showed U.S. consumer confidence fell to a nine-month low in April.

The Dow Jones Industrial Average fell 320.58 points, or 0.95%, to 33,554.82; the S&P 500 lost 57.86 points, or 1.40%, at 4,079.18; and the Nasdaq Composite dropped 203.41 points, or 1.69%, to 11,833.80.

Materials were the weakest of the S&P 500's 11 major industry sectors, down 2%, followed closely by consumer