- The major Wall Street indices opened in negative territory on Monday.
- Financial stocks plummet after the sale of shares in a large US hedge fund.
- The S&P 500 Communications Services Index posted modest gains.
The major stock indices in the US They started the new week under modest downward pressure following Friday’s margin call from large US-based hedge fund Archegos Capital Management. At time of writing, the Dow Jones Industrial Average was down 0.1% on the day to 33,069, the S&P 500 Index lost 0.08% to 3,971, and the Nasdaq Composite posted small losses at 12,984.
Credit Suisse and Nomura warned investors of significant losses following the surprise sale of Archegos Capital Management shares. Currently, the S&P 500 Financials Index is down 1.2%, reflecting the negative impact of this development on financial stocks.
On the other hand, the Communication Services Index is up 0.4% as the top performing S&P 500 sector after the opening bell.
S&P 500 chart (daily)
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