US stock market: S&P 500, Dow sink as weak earnings fan fears of economic slowdown

Wall Street’s major indices fell sharply, with the Dow Jones Industrial Average and the S&P 500 dropping by the most this month, due to investor concerns about the slowing US economy, exacerbated by a downbeat outlook from United Parcel Service (UPS), and plunging deposits at regional First Republic Bank. The Dow fell more than 340 points while the S&P saw its biggest one-day drop since March 22. Stocks of Microsoft rebounded after closing over 2% down on the day, while Google parent Alphabet’s shares rose over 4% in the late session.