AUS
NZ
UK
CA
USA
IND
Source: Copyright © 2021 Kalkine Media Pty Ltd.
Summary
- Financial and technology stocks pulled the benchmarks down.
- Credit Suisse will take a charge of CHF 4.4 billion, or US$4.7 billion, following the defaulted margin calls made by a U.S.-based hedge fund.
- The IMF forecasts the U.S. economy to grow 6.4 percent in 2021while the global economy is anticipated to expand 6 percent.
The major U.S. stock market benchmarks - the S&P 500, Dow Jones Industrial Average and NASDAQ Composite Index - closed lower on Tuesday, April 5, 2020. The decline in financial and technology stocks offset the gains made by consumer and utility stocks during the day.
The S&P 500 declined 0.10 percent to 4073.94. The Dow Jones was down 0.29 percent to 33430.24. The NASDAQ Composite Index inched down 0.05 percent to 13698.38 while the small-cap Russell 2000 lost 0.25 percent to 2,259.15.
Credit Suisse said on Tuesday that it will report a pre-tax loss of approximately CHF 900 million, or US$960 million, in its first quarter of 2021. The loss includes a CHF 4.4 billion, or US$4.7 billion, charge arising from the defaulted margin calls made by a U.S.-based hedge fund. Credit Suisse’s Investment Bank CEO Brian Chin and chief risk and compliance officer Lara Warner is stepping down from the company. In addition, the bank is also cutting down its dividend, withdrawing variable compensation for the executive board and suspending its share buyback program.
Meanwhile, the International Monetary Fund raised its growth outlook for the U.S. economy in 2021 to 6.4 percent this year from the previous estimate of 5.1 percent. The economy is projected to grow 3.5 percent in 2020. The fund is forecasting the global economy to expand 6 percent in 2021 following additional fiscal support in a few large economies particularly in the U.S. and the vaccine-led recovery expected during the second half of the year.
©Kalkine Group 2021.
Top Gainers
Top performers on S&P 500 were Illumina Inc. (7.88%), Enphase Energy Inc. (5.69%), Norwegian Cruise Line Holdings Ltd. (4.61%) and ETSY Inc. (4.47%).
Galectin Therapeutics Inc. (35.27%), Scienjoy Holding Corp. (30.38%), Greenbox Pos (28.55%) and Second Sight Medical Products Inc. (27.43%) were the top performers on NASDAQ.
On Dow Jones, Nike Inc. (1.51%), Mcdonald's Corp. (1.34%), Goldman Sachs Group Inc. (1.09%), Coca-Cola Co. (0.72%) gained the most.
Top Losers
Top laggards on S&P 500 were Paychex Inc. (4.92%), Penn National Gaming Inc. (2.57%), Applied Materials Inc. (2.45%) and KLA Corp. (2.39%).
On Dow Jones, Walgreens Boots Alliance Inc. (1.94%), Boeing Co. (1.62%), Merck & Co Inc. (1.57%), UnitedHealth Group Inc. (1.57%) were laggards.
Moxian Inc. (24.85%), Scholar Rock Holding Corp. (20.30%), Amplitech Group Inc. (17.54%) and Praxis Precision Medicines Inc. (14.92%) were among the top losers on NASDAQ.
Image Source: EODHD/Others, S&P 500 April 6, 2021 price chart
Volume Movers
Top volume movers are ViacomCBS Inc. (38.26M), Apple Inc. (15.50M), Ford Motor Co. (15.18M), Castor Maritime Inc. (14.90M), Sundial Growers Inc. (13.70M) and Phunware Inc. (12.05M).
Futures & Commodities
Gold futures were up 0.90 percent to US$ 1,744.40 per ounce. Silver rose 1.74 percent to US$ 25.210 per ounce while copper declined 0.73percent to US$4.1075.
Brent oil futures grew 0.82 percent to US$ 62.66 per barrel and WTI crude inched up 0.94 percent to US$ 59.20 per barrel.
Bond Market
The 30-year Treasury bond yields fell 1.56 percent to 2.326 while the 10-year bond yields declined 3.51 percent to 1.660.
US Dollar Futures Index also fell 0.32 percent to US$ 92.297.
