The Dow Jones Industrial Average fell 228.96 points, or 0.68 percent, to 33,301.87. The S&P 500 sank 15.64 points, or 0.38 percent, to 4,055.99. The Nasdaq Composite Index increased 55.19 points, or 0.47 percent, to 11,854.35.
Ten of the 11 primary S&P 500 sectors ended in red with utilities and industrials leading the laggards by falling 2.37 percent and 1.87 percent, respectively. Technology bucked the trend by rising 1.73 percent.
The shares of First Republic Bank shed 29.75 percent on Wednesday, due to uncertainties over efforts to rescue the regional bank.
U.S. bank regulators were considering downgrading their assessments of First Republic Bank, which could curb the bank's ability to borrow from the Federal Reserve, according to a report by Bloomberg on Wednesday.
"Big Tech" earnings generated excitement among investors while concerns over First Republic Bank caused the Dow Jones Industrial Average to drop over 200 points, noted James Hyerczyk, senior market analyst with market information supplier FX Empire.
The shares of Microsoft Corporation surged 7.24 percent, thanks to its better-than-expected operating results for the first quarter.
In addition, the order of U.S. core capital goods in March posted a month-on-month decrease of 0.4 percent, missing the market expectation of a 0.2-percent expansion, according to data issued by the U.S. Department of Commerce.
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