Stocks Slip to Start Week on Margin Call Effects – MENAFN.COM

Stocks Slip to Start Week on Margin Call Effects – MENAFN.COM

(MENAFN - Baystreet. ca) Stocks added to losses Monday amid weakness in bank stocks caught in the downdraft of Friday's margin call. The Dow Jones Industrials backed off from Friday's lofty close, 30. 68 points to 33, 042. 20The S&P 500 subtracted 19. 94 points, to 3, 954. 60, from Friday's record high. The NASDAQ Composite retreated 106. 63 points to 13, 032. 08. Shares of ViacomCBS and Discovery fluctuated after coming under intense selling pressure last week. The two companies were believed to be hit by forced liquidation of positions held by the multi-billion-dollar family office Archegos Capital Management. Discovery gained more than 2%, while ViacomCBS dipped 1. 4%. The two companies had lost 27% apiece during Friday's selloff. Elsewhere, Boeing was up 3% on news that Southwest Airlines had added 100 orders for the airliner's 737 Max jet. The first 30 jets are scheduled for delivery in 2022. Credit Suisse shares tumbled 13% as the bank warned it would face a 'significant' hit to its first-quarter results due to the bank having to exit hedge fund positions related to the forced selling. Nomura also warned that it could get hit, sending its shares down nearly 15%. Bank stocks