wall street stocks plummeted tuesday as shares of first republic bank were battered after an earnings report that showed it lost a large amount of deposits  reviving worries over the financial sector investors have been eyeing the performance of regional lenders since the dramatic failures of silicon valley bank and signature bank last month which sparked fears of contagion on monday first republic said it lost more than 40 percent of its deposits in the first quarter this year and its shares sank nearly 50 percent as of endtuesday the dow jones industrial average slumped 10 percent to 3353083 while the broadbased sp 500 fell 16 percent to 407163 the gloomy showing came after first republic reported a drop of nearly 72 billion in deposits over the first quarter excluding a 30 billion injection from a consortium of 11 us banks the figure would have topped 100 billion besides first republic western alliance bancorporation dropped 56 percent while pacwest bancorp slid 89 percent the financial sector is having a bad day said steve sosnick chief strategist at interactive brokers he added that other contributing factors include the disappointing earnings report of logistics giant ups ups shares fell around 10 percent ups is essential to the us economy if their volumes are disappointing that doesnt bold well sosnick said meanwhile traders are set to digest the corporate results of tech firms microsoft and google parent alphabet who reported after the bell