Wall Street set to slip as bank stocks fall on hedge fund default concerns

By Devik Jain and Medha Singh (Reuters) – U.S. stock index futures pointed to a lower open for Wall Street 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. Nomura and Credit Suisse warned of losses after the U.S. hedge fund, named by sources as Archegos Capital, defaulted, hitting shares in some big U.S. media and Chinese tech companies. Shares in Morgan Stanley tumbled about 5% after the Financial Times reported it had also sold billions of shares, while Bank of America Corp, Citigroup Inc, JPMorgan …

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HEDGE accordingly