Nasdaq, Wall Street, Hedge Fund, S&P

Nasdaq, Wall Street

Banks lead Wall Street lower on hedge fund default concerns

S&P 500, Nasdaq open lower on hedge fund default concerns

29/3/2021 5:01:00 PM

S&P 500, Nasdaq open lower on hedge fund default concerns

U.S. stock index futures pointed to a lower open for Wall Street on Monday after a surge in the previous session, as global banks said they faced ...

BookmarkREUTERS: Wall Street's main indexes eased on Monday after a surge in the previous session, as global banks said they faced potential losses from a hedge fund's default on margin calls.Nomura and Credit Suisse warned of losses after the U.S. hedge fund, named by sources as Archegos Capital, defaulted, hitting shares in some big media and Chinese technology companies.

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AdvertisementAdvertisementShares in Morgan Stanley fell about 3per cent after the Financial Times reported it had also sold billions of shares, while Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs and Wells Fargo & Co dropped between 0.3per cent and 2.7per cent.

The news has raised concerns about whether the full extent of Archegos' apparent wipeout has been realized or whether there was more selling to come from other lenders.Nomura still has positions to unwind, Bloomberg reported, citing a Japan government official. headtopics.com

Shares in Discovery Inc, U.S.-listed shares of Tencent Music , ViacomCBS, Baidu and VIPShop, all linked to Archegos, gave up early gains. Theses stocks lost between 30per cent and 50per cent of their value last week.AdvertisementAdvertisement"It's a black eye for the financial industry because it suggests that there still may not be a full handle on risk control when it comes to leveraged trading," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey.

"This seems like a pretty specific case. It could lead to increased regulation...but the impact on broader markets is going to be small."The Dow and the S&P 500 hit record closing highs on Friday on optimism about speedy vaccinations and record stimulus, while the tech-heavy Nasdaq is still about 7.1per cent from its February all-time closing high.

"We've come far really fast and I wouldn't be surprised to see a pause ... especially after the rally that we've had and because we don't have earnings season yet," said Stephanie Link, chief investment strategist at Hightower Advisors.

AdvertisementAt 10:04 a.m. ET, the Dow Jones Industrial Average was up 16.14 points, or 0.05per cent, at 33,089.02, the S&P 500 was down 16.75 points, or 0.42per cent, at 3,957.79, and the Nasdaq Composite was down 102.09 points, or 0.78per cent, at 13,036.64. headtopics.com

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Planemaker Boeing Co rose 2.6per cent after reaching a deal with U.S. budget carrier Southwest Airlines Co for a variant of the 737 MAX aircraft. Southwest's shares gained about 0.5per cent.Bitcoin prices gained about 4per cent after Visa Inc said it would allow the use of the cryptocurrency USD Coin to settle transactions on its payment network.

Declining issues outnumbered advancers 1.17-to-1 on the NYSE and 1.65-to-1 on the Nasdaq.The S&P index recorded 60 new 52-week highs and no new low, while the Nasdaq recorded 67 new highs and 17 new lows.(Reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Maju Samuel and Arun Koyyur)

Read more: CNA »

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