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The tugs helped partially dislodge the huge container ship blocking the Suez Canal. Lebenthal Global Advisors Chairman Dominick Tavella with more information on the impact of global trade.
U.S. equity markets were mixed on Monday as banks were left to heal their wounds after a large hedge fund was forced to unwind billions of dollars in positions.
| Teleprinter | security | Last | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 33,097.91 | +25.03 | + 0.08% |
| SP500 | S&P 500 | 3967.42 | -7.12 | -0.18% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13108.04815 | -30.68 | -0.23% |
The Dow Jones Industrial Average rose 20 points, or 0.05%, while the S&P 500 and Nasdaq Composite were little changed.
Hedge fund Archegos Capital Management was forced to sell nearly $ 30 billion worth of US media stocks and Chinese Internet ADRs on Friday after facing margin calls on heavily leveraged positions.
| Teleprinter | security | Last | Change | Change% |
|---|---|---|---|---|
| AFTER | VIACOMCBS, INC. | 46.48 | -1.75 | -3.63% |
| DIAL | DISCOVERY, INC. | 42.00 | +0.10 | + 0.24% |
| START | BAIDU, INC. | 204.55 | -4.06 | -1.95% |
The sale of fire caused significant losses at ViacomCBS and Discovery Inc., as well as Baidu Inc. and Tencent Holdings, among others.
The impact is now being felt at investment firms Credit Suisse Group AG and Nomura Holdings, which warn of significant losses linked to the sale of Archegos’ positions.
Components Dow JPMorgan Chase & Co. and Goldman Sachs Group Inc. were among the laggards due to the fallout from the sale and the easing of longer-term bond yields that flattened the yield curve.
Elsewhere, Boeing Co. has provided support to the Dow after receiving an order from Southwest Airlines Co. for 100 737 Max 7 jets, which will begin delivery in 2022. The deal includes an option for Southwest to purchase 155 Max jets. additional until 2031..
Visa Inc. has launched a pilot program that will allow customers to settle transactions using the cryptocurrency USD Coin, a stable coin linked directly to the US dollar.
In commodities, West Texas Intermediate crude slipped 52 cents to $ 60.45 a barrel as the container ship Ever Given was refloated in the Suez Canal. Elsewhere, gold fell $ 9.40 to $ 1,725.30 an ounce.
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Overseas markets were mostly higher.
The French CAC 40 accelerated the advance in Europe, trading up 0.31%, while the German DAX 30 rose 0.46% and the UK FTSE 100 lost 0.48%.
In Asia, Hong Kong’s Hang Seng index rose 0.01%, China’s Shanghai Composite 0.5% and Japan’s Nikkei 225 0.71%.
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