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STOCK MARKET UPDATES: GM, Verizon, McDonald’s earnings, First Republic shares tumble

Investors sift through a barrage of blue-chip earnings including McDonald’s, Verizon and GM, as well as Case-Shiller’s housing data and President Biden will run for re-election in 2024. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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Wall St ends lower as weak earnings fan fears of economic slowdown


Wall Street's major averages closed lower on Tuesday as a downbeat UPS forecast exacerbated investor concerns about a slowing U.S. economy, while plunging deposits at regional First Republic Bank added to jitters about the bank sector's health.

United Parcel Service Inc shares tumbled after the courier company forecast full-year revenue at the lower end of its earlier outlook as it navigates a weakening economy.

This helped push down UPS rival FedEx Corp. The Dow Jones Transport Average index also lost ground.

This added to worries for investors awaiting quarterly results from megacap companies including Microsoft Corp. Also of concern was Tuesday's data showing U.S. consumer confidence fell to a nine-month low in April.

Posted by Reuters

First Republic, KPMG are sued for concealing bank's risks


First Republic Bank has been sued by shareholders who accused the beleaguered U.S. regional bank of concealing how rising interest rates threatened its business model by prompting an exodus of deposits.

The lawsuit filed late Monday in San Francisco federal court accused First Republic and its auditor KPMG of misrepresenting the strength of the bank's balance sheet and liquidity.

It was filed about three hours after First Republic startled investors by disclosing it had lost $102 billion, or 58%, of its deposits in the first quarter, excluding a temporary $30 billion deposit infusion from the nation's biggest banks. First Republic also said it would cut up to 25% of its workforce.

The deposit outflows were sparked by last month's collapse of SVB Financial Group's Silicon Valley Bank, which also catered to customers in start-ups and had many accounts with uninsured deposits, and Signature Bank.

Posted by Reuters

3M to cut 6,000 roles globally as weak consumer electronics demand bites


3M Co will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics.

The diversified manufacturer said on Tuesday it will shift its focus to high-growth businesses, including automotive electrification and home improvement, and prioritize emerging growth areas such as climate technology and next-generation consumer electronics.

The job-cut decision comes as an uncertain economy along with rising interest rates and stubbornly high inflation forces corporate America to get leaner in recent months.

3M, which makes electronic displays for smartphones and tablets, has been struggling with waning demand for consumer electronics as people are cutting back on discretionary spending amid recession worries.

Posted by Reuters

First Republic Shares slide

First Republic Bank San Francisco California.

First Republic shares slid on Tuesday after the bank disclosed a exodus of deposits after the collapse of Silicon Valley Bank. It will also slash up to 25% of its workforce.

Posted by FOX Business

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