Stock Futures – Why the Stock Market Is Set to Open Lower Today
Stocks were under pressure Monday as investors weighed the news that a U.S.-based hedge fund facing a large margin call caused major selloffs in certain stocks last week.
According to The Wall Street Journal, Archegos Capital Management sold major positions in Discovery Communications (DISCA) and
(VIAC), among other stocks, last week to cover funds it had borrowed from brokers.
Discovery shares were flat Monday morning. ViacomCBS shares were down almost 4%.
Shares of investment banks
(NMR) fell more than 10% each after both issued warnings on Monday that they could see substantial losses related to the trades, according to the Journal.
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