After First Republic revealed a significant decline in deposits during the first quarter, US stocks were under pressure due to mixed earnings and fresh banking industry concerns.

The Dow Jones Industrial Average was down 19% or 0.1% at 9:39 ET (13:39 GMT), while the S&P 500 and NASDAQ Composite were each down 0.4% and 0.5%, respectively.

Early on Tuesday, shares of First Republic Bank (NYSE:FRC) dropped more than 28% after the bank said that clients had withdrawn $100 billion in deposits during the quarter due to industry turbulence and the failure of two U.S. institutions.

Clients transferred money from conventional deposit accounts at smaller regional banks to accounts at larger banks and into money market funds in March, which was a tough month for banking institutions. These clients were looking for yield.

After exceeding forecasts for comparable sales and earnings, helped by menu pricing hikes, shares of food industry behemoth McDonald’s Corporation (NYSE:MCD) were unchanged. Shares of PepsiCo Inc (NASDAQ:PEP) increased 1.7% after the company upgraded its sales outlook for this year. Shares of General Electric Company (NYSE:GE) were unchanged despite the company raising the lower end of its full-year earnings projection.

Approximately 178 S&P 500 businesses are expected to announce their results this week. Analysts predict the S&P group’s overall earnings will decline by less than 5%.

During a challenging moment for the technology industry, Alphabet, the parent company of Google (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT), will address investors later today. Many people will listen for information on any updates to their AI projects.

The Federal Reserve will meet next week to decide how to proceed with interest rates. They are expected to increase rates by another quarter-point and then take a break at their next meeting in June.

Oil was dropping. While Brent Oil Futures declined 0.9% to $81.73 per barrel, Crude Oil WTI was down 1% to $77.94 per barrel. At $2,000, gold futures remained unchanged.