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U.S. stocks fell and government bonds rallied in midday trading after earnings from companies including UPS and First Republic Bank fueled investor concerns about the health of the economy.

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Stocks fell across most sectors, including tech, which has been strong this year and makes up a large chunk of the broad S&P 500 index.

Microsoft and Google-parent Alphabet set to report first-quarter earnings after the close.

First Republic Bank (FRC): The lender’s shares tumbled over 28% after results showed customers pulled about $100 billion in deposits during the banking crisis in March.

Spotify (SPOT): Shares gained 5.5% after the music-streaming company reported data for monthly active users and paying subscribers that topped company expectations.

PepsiCo (PEP), McDonald’s (MCD): Consumers remained willing to spend more on everyday items at the start of the year. Shares rose 1.8%

General Motors (GM): The auto maker’s stock fell 2.4%, having risen in off-hours trading after raising its full-year profit outlook.

United Parcel Service (UPS): Shares fell 8.8% after the shipping giant said decelerating U.S. retail sales hit its volumes more than expected, prompting the company to trim its full-year revenue outlook.

Tesla (TSLA): Shares fell around 1.1% as investors continued to assess the impact of recent price cuts. Tesla’s stock is down 22% this month through Monday, putting it on course for its first monthly loss of 2023.


Image: Nasdaq