(CNBC) — Stocks slipped Tuesday after First Republic Bank’s earnings report reignited concerns about the broader sector.
The Dow Jones Industrial Average fell 344.57 points, or 1.02%, to end at 33,530.83. The S&P 500 finished 1.6%, or 65.41 points, lower at 4,071.63. The Nasdaq Composite slid 1.98%, or 238.05 points, to close at 11,179.16.
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Shares of First Republic Bank tumbled more than 49% after the regional bank posted its latest quarterly results, saying late Monday that deposits dropped 40% to $104.5 billion in the first quarter but have since stabilized. First Republic will also be trimming expenses, including slashing headcount by 20% to 25% in the second quarter. Bloomberg News reported Tuesday that the bank was trying to sell as much as $100 billion of loans and securities to restructure its balance sheet.
