Stocks tumble as earnings disappoint and recession fears rise.

US stocks are set to close lower as investors react negatively to a flood of earnings reports and economic data that stokes concerns over the slowing US economy. Shares of First Republic Bank plummeted over 40% after the lender saw more-than-expected deposit outflows in the first quarter, reigniting worries that the banking crisis might be far from over. The Nasdaq Composite, S&P 500, and Dow were all down, with financial stocks dragging the markets down. Consumer confidence slipped to a multi-month low, while the housing market showed signs of stabilization.