The US stock markets were under pressure due to mixed corporate reports and fresh worries about the banking industry following First Republic's disclosure of a significant decline in first-quarter deposits. Although the bank reported a deposit loss of $100 billion since the start of the crisis, this figure was significantly higher than what the market anticipated and was not in line with expectations. The amount of the deposits that the major North American banks made as a support measure in this company was thought to be able to balance things out.  

As a result of the collapses of Silicon Valley Bank and Signature Bank, First Republic Bank shares dropped by close to 30% and reached new lows. 

It was also made public yesterday that a number of First Republic Bank shareholders have filed a lawsuit against the institution and the consulting firm KPMG for giving false information regarding the bank's financial situation.  

Yesterday saw the publication of first-quarter earnings for a number of large corporations, including McDonald's Corporation, which were flat despite exceeding estimates for sales and profit due to higher sales prices. As a result of PepsiCo increasing its revenue projection for this year, the stock increased 1.7%. On the other hand, UPS, a multinational parcel delivery company, let the market down by reporting significantly lower-than-anticipated decreases in revenue and earnings per share along with a sharp decline in business activity. Nearly 10% was lost by UPS stock. This business is seen as a gauge of economic activity, and the information it gave yesterday is consistent with the anticipated slowdown in the global economy brought on by the severe tightening of monetary policy across the board, not just in the United States but also in other Western nations. 

The yields on treasury bonds decreased because of the fixed income market's response. The 2-year American bond, which is most susceptible to changes in the Federal Reserve's monetary policy, is once again close to the 4% mark, which excludes interest rate reductions that might occur as soon as the end of the current year. 

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