Wall Street Opens Flat Amid Concern Over Hedge Fund Fiasco; Dow up 20 Pts By

© Reuters.

By Geoffrey Smith — U.S. stock markets opened mixed in narrow ranges on Monday, amid concern about further volatility stemming from the unwinding of trades reportedly held by Archegos Capital Management, the family office of former hedge fund manager and convicted insider trader Bill Hwang.

By 9:45 AM ET (1445 GMT), the was up 27 points, or 0.1%, at 33,100, holding above the 33,000 level that it breached for the first time on Friday. The index was supported by heavyweight Boeing (NYSE:), which rose 2.8% after a large order for its 737 MAX planes from Southwest Airlines (NYSE:). 

However, the was down 0.2% and the was down 0.3%, amid fears that some of Archegos’ trades still need to be unwound.  The stocks of the two banks that led the selling on Friday, Morgan Stanley (NYSE:) and Goldman Sachs (NYSE:), were both underperforming, down 4.1% and 1.6% respectively, both at their lowest in a month.

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