Stocks slumped on Tuesday, as fears for the health of the financial sector after the collapse of First Republic Bank collided with broader anxiety over signs of a weakening economy. PacWest lost a third of its value in the first hour of trading, it’s worst single-day drop since the height of the bank turmoil in March. Western Alliance sank nearly 20 percent, while Comerica and Zions bank both suffered double-digit percentage declines. Oil prices fell sharply, too, as the prospects of an economic downturn would likely cut energy demand. The price of a barrel of Brent crude, the international benchmark, dropped to around $76, close to its lowest level for the year.

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