On Tuesday, U.S. stocks closed lower with the S&P 500 and the Dow Jones Industrial Average down by 1.58% and 1.01%, respectively. The Nasdaq Composite fell 1.98%, led by a decline in tech stocks ahead of a busy earnings week. Bond yields decreased after the release of fresh data on housing and consumer confidence. Wall Street focused on earnings reports from big tech companies, including Alphabet, Microsoft, Amazon, and Meta. Meanwhile, energy markets drew attention as Exxon, Chevron, Valero, and TotalEnergies SE are set to post earnings at the end of the week. Additionally, First Republic Bank shares continued to fall after the lender reported a net loss of $72 billion in deposits during the first quarter of this year.
Other notable earnings reports included those of PepsiCo, General Electric, General Motors, 3M, United Parcel Service, Spotify, and McDonald’s. Bespoke Investment Group noted that bitcoin’s price has almost doubled from its lows last year but has been testing its 50-day moving average at roughly $27,200 over the past few days.
