Stock futures were falling Tuesday ahead of earnings from tech heavyweights Microsoft and Alphabet, and industrial giants such as General Motors and General Electric.
These stocks were poised to make moves Tuesday:
First Republic Bank reported first-quarter earnings that topped analysts' estimates but shares of the regional lender were tumbling more than 21% in premarket trading after deposits in the period plunged by nearly $72 billion, or 41%. The bank said it had deposits of $104.5 billion at the end of the first quarter, which included $30 billion of deposits that First Republic received from large U.S. banks last month as a lifeline. The San Francisco-based lender also said it expects to slash its workforce by between 20% to 25% in the second quarter.
Microsoft was falling 0.5% in premarket trading ahead of fiscal third-quarter earnings from the software giant. Wall Street estimates call for Microsoft to report quarterly revenue of $51 billion, up 3.4% from a year earlier, with a profit of $2.24 a share.
Alphabet, the parent company of Google, is expected by analysts to report first-quarter earnings of $1.08 a share on revenue of $68.9 billion. Alphabet's report will be released after Wall Street closes Tuesday. Alphabet shares were down 0.5%.
UBS Group AG was down 3% in premarket trading after the Swiss bank reported that first-quarter earnings fell to $1.03 billion from $2.14 billion a year earlier. The latest first quarter included a litigation charge of about $665 million. The bank, said it took in $28 billion in new net money at its global wealth-management business during the first quarter. UBS said $7 billion of that came in the last 10 days of March following the announcement that UBS had agreed to acquire smaller rival Credit Suisse Group AG.
Cadence Design reported first-quarter earnings that topped Wall Street estimates but the software company issued a second-quarter forecast for profit and revenue that came up shy of expectations. The stock was down 4.6%.
Cliffs Natural Resources reported a first-quarter loss of 11 cents, a reversal from year-earlier profit of $1.50. Revenue in the period for the steel maker fell to $5.3 billion from nearly $6 billion. Shares were declining 1.9%.
Whirlpool, the appliance maker, reported better-than-expected first-quarter adjusted earnings and revenue.
Earnings reports are scheduled before the opening bell Tuesday from General Motors, General Electric Co, United Parcel Service Inc, Dow Chemical, 3M, Verizon, Pepsi, McDonald's, and Biogen. After trading closes Tuesday, besides the reports from Microsoft and Alphabet, there will will updates from Visa, and Texas Instruments.