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Goldman, Discovery, CM Life Sciences II: What to Watch When the Inventory Market Opens Right now

Right here’s what we’re watching forward of Monday’s opening bell.

  • U.S. inventory futures edged down after a big funding fund unwound billions of {dollars} in holdings, triggering concern that banks that handled the agency might face large losses.
  • Futures tied to the S&P 500 slipped 0.4%, pointing to losses for the broad index after it climbed to a file excessive on Friday. Contracts for the tech-heavy Nasdaq-100 futures retreated 0.2%. Learn our full market wrap right here.
What’s Coming Up
  • On the convention circuit, BioMarin Pharmaceutical and Jazz Prescription drugs are amongst corporations on account of current on the JPMorgan Napa Valley Discussion board. The HSBC West Coast Financials Convention additionally will get below means.
Market Movers to Watch
  • Shares of main funding banks dropped forward of the bell in New York. Goldman Sachs Group fell 3.5%, Morgan Stanley misplaced 3.1% and Citigroup slipped 1.9%.
  • Abroad, shares of Credit score Suisse and Nomura Holdings tumbled. The banks mentioned they might incur substantial losses from dealings with a U.S. shopper. In latest days, losses at Archegos Capital Administration, run by former Tiger Asia supervisor Invoice Hwang, triggered the liquidation of positions approaching $30 billion in worth.
  • On the middle of the story gripping Wall Avenue: Mysterious latest strikes in shares of Discovery and ViacomCBS. Class A Discovery shares rose 2.1% in premarket buying and selling after slumping 27% on Friday. ViacomCBS shares slipped 1.6% after additionally sliding 27% Friday.
  • CM Life Sciences II jumped 7.4% after The Wall Avenue Journal reported that the special-purpose acquisition firm is nearing a deal to merge with protein-analysis firm SomaLogic. The SPAC might finalize a merger that values SomaLogic at round $1.25 billion as quickly as Monday.
  • Publishing pop: Houghton Mifflin Harcourt rose 2.8% after the Journal reported that Information Corp is nearing an settlement to buy the patron arm of the academic writer. Information Corp owns Wall Avenue Journal writer Dow Jones.
Market Truth
  • There are one other roughly 400 SPACs looking for merger targets to take public, together with hedge-fund billionaire Invoice Ackman’s Pershing Sq. Tontine Holdings, the biggest SPAC ever. Right here’s a visible information to SPACs, the most popular pattern in markets this 12 months.
Chart of the Day

Spring hasn’t been sort to stock-market highfliers. Sectors that benefited most from the shift to working from house have fallen onerous since late January, as rising rates of interest pushed buyers into investments promising surer returns.

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