U.S. equities are lower as the market weighs the latest batch of earnings reports and ahead of after-the-bell numbers from Alphabet (GOOGL) and Microsoft (MSFT). The Dow, S&P 500, and Nasdaq are all down.
First Republic Bank (FRC) is the worst-performing stock in the S&P 500 after the struggling bank reported a big loss in deposits, and is taking steps to slash costs (more below). Shares of other regional banks are also declining. United Parcel Service (UPS) shares are sinking after the biggest U.S. package delivery firm said demand slumped in March as consumers pulled back spending. Shares of rival FedEx (FDX), along with those of Packaging Corporation of America (PKG), are dropping as well.
Dow (DOW) shares are losing 4% after the chemical giant released its quarterly results. Oil futures are off 2.5%, sending shares of Chevron (CVX) and other oil and gas producers lower.
Pepsi Earnings
PepsiCo (PEP) shares are jumping after the soft drink maker beat quarterly profit and sales estimates and raised its guidance. Kimberly-Clark (KMB) did the same, and its shares are advancing. Shares of Brown & Brown (BRO) are gaining after the insurer posted a big jump in revenue.
Gold futures are flat. The yield on the 10-year Treasury note is sinking. The U.S. dollar is rising versus the euro and pound, but falling against the yen. Prices for Bitcoin and Binance Coin are up, but most other major cryptocurrencies are trading in the red.