Finance & Investing

Archegos Liquidates | March 29 | Eagle Nest

Monday, March 29, Market Recap

Good Evening!

Today, March 29…

The DJIA rose 0.30%

The S&P 500 was down 0.10%.

The Nasdaq Composite slipped 0.60%.

Banking led the market today.

General Market Review

Industrials

Boeing added 2% as Southwest Airlines bought 100 737 Max 7 jets. Southwest is looking to retire some older planes. Since the grounding of Boeing planes was lifted, many airlines’ companies have been upsizing orders. Southwest Airlines fell 0.50%.

Energy

The Ever-Given container ship that blocked the Suez Canal refloated and is free. Traffic in the Suez Canal resumed, and oil prices rose. There is an expected OPEC+ meeting later this week to discuss production levels for May. Devon Energy was down close to 4%.

Banking

Archegos Capital Management, a multi-billion-dollar family, were forced into liquidating more than $20 billion worth of shares. Banks, including Morgan Stanley and Citigroup fell close to 3% and 2%, respectively.

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