A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. — Reuters picNEW YORK, March 29 — Wall Street stocks fell early today as turmoil involving US fund Archegos Capital Management affected international banks, and as markets eye key US economic reports this week.
Top global banks Nomura of Japan and Switzerland’s Credit Suisse warned they could face significant losses following reports of their exposure to a US fund that liquidated billions in stocks last week. Neither bank named the client but the warnings follow a Bloomberg News report that little-known Archegos Capital Management sold more than US$20 billion in stocks from US media and Chinese companies listed in New York on Friday.The broad-based S&P 500 shed 0.5 per cent to 3,953.04, while the tech-rich Nasdaq Composite Index dropped 0.8 per cent to 13,032.52.
Both the Dow and S&P 500 ended last week at fresh records, but equities have been choppy in recent weeks, with investors at times worried inflation will rise suddenly. Markets are looking ahead this week to more details from President Joe Biden about a hefty new infrastructure proposal, which could cost up to US$3 trillion.Among equities, Boeing shot up 3.6 per cent after announcing a large 737 MAX order with Southwest Airlines in a vote of confidence for the aircraft after a 20-month grounding. — AFP