- 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.
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.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 30% and 50% of their value last week.
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 7.1% from its February all-time closing high.
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