US stocks decline as traders brace for big earnings from mega-cap tech firms

• US stocks are trading lower on Tuesday as investors brace for more earnings reports.
• Tech giants Alphabet and Microsoft are set to release results after the closing bell.

US stocks traded lower on Tuesday as investors look ahead to earnings results from mega-cap tech companies.

Major laggards include First Republic Bank, which plunged 28% Tuesday morning after reporting quarterly results that showed the regional bank's deposits declined by 40% in the first three months of 2023, accelerated by the widespread banking sector chaos stemming from the fall of Silicon Valley Bank.

Tech giants Alphabet and Microsoft are set to report quarterly results after the closing bell. Consumer confidence data for April will be released on Tuesday as well.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

• S&P 500: 4,122.38, down 0.35%
• Dow Jones Industrial Average: 33,853.00, down 0.07% (22.40 points)
• Nasdaq Composite: 11,986.09, down 0.42%

Here's what else happened today:

• JPMorgan's Marko Kolanovic says the US stock market is far too placid right now, especially given all the economic headwinds it's facing.
• The US will fall into a recession in mid-2023, according to The Conference Board's Leading Economic Index.
• Animoca Brands' subsidiary TinyTap secured an $8.5 million capital raised, Insider has learned.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil fell 1.35% to $77.67 per barrel. Brent crude, oil's international benchmark, fell 1.4% to $81.57 a barrel.
• Gold fell 0.2% to $1,996.60 per ounce.
• The yield on the 10-year Treasury dropped nine basis points to 3.42%.
• Bitcoin dropped 0.68% to $27,466.