Equity markets fell on Tuesday after results from First Republic Bank sent another wave of fear. The bank reported better-than-expected earnings but a 40% decline in deposits, including $30 billion in deposits from major banks like JPMorgan. The news suggests other banks could be susceptible to runs given the catalyst. Because interest rates, the catalyst that put First Republic in its position, are still rising, another bank failure could happen at any time.

The S&P 500 fell more than 1.5% at the session's close and gives further evidence of resistance at the 4,150 level. After-hours reports from names like Google and Microsoft may lift the market on Tuesday, but the long-term outlook continues to sour. Along with First Republic results, reports from UPS and Packaging Corporation of America suggest weakening consumer spending is undermining the US economy and has it on track for a recession later this year.