5 Things You Should Know Before The Stock Market Opens Tuesday, April 6

Here are the top news, trends and analysis that investors need to start their trading day:

1. Stocks will take a breather after the close of the Dow, S&P 500 records

Traders on the trading floor of the New York Stock Exchange.

Source: CNBC

2. Credit Suisse is hit by $ 4.7 billion in Archegos fallout

The logo of the Swiss bank Credit Suisse can be seen at its headquarters in Zurich, Switzerland on March 24, 2021.

Arnd Wiegmann | Reuters

Credit Suisse announced the departure of several high-level employees and proposed a cut in the dividend in the fallout from the Archegos Capital saga. The Switzerland-based lender now expects a first quarter pre-tax loss of approximately $ 960 million, after taking a charge of $ 4.7 billion in the collapse of the US hedge fund. Credit Suisse said Brian Chin, CEO of the investment bank, and Chief Risk and Compliance Officer Lara Warner, will step down immediately. Late last month, Credit Suisse was forced to dump a significant amount of stock to cut ties with the troubled Archegos family office. Japan’s Nomura and Wall Street’s Goldman Sachs were also forced to sell shares on behalf of the highly leveraged Archegos.

3. The total market value of cryptocurrency is $ 2 trillion for the first time

Cryptocurrency mining platforms at a crypto mining company in Romania.

Akos Stiller | Bloomberg via Getty Images

The value of the entire cryptocurrency market first reached $ 2 trillion on Monday, driven by a rally in ether, the second largest digital currency, which alone has a market value of more than $ 240 billion. Ether hit a record high of over USD 2,150 overnight, up more than 180% year-to-date. Ethereum, the blockchain behind aether, is seen as a key platform for decentralized financial applications and intangible tokens. Bitcoin accounts for more than $ 1 trillion of the total cryptocurrency market cap. Last month, the world’s largest digital currency hit a record high of over $ 61,000 – more than doubling in 2021. It traded at over $ 58,800 early Tuesday.

4. Fauci warns against relaxing public health measures as summer approaches

NIH National Institute of Allergy and Infectious Diseases Director Anthony Fauci addresses the daily press conference at the White House in Washington, January 21, 2021.

Jonathan Ernst | Reuters

The White House’s chief medical adviser, Dr. Anthony Fauci warned on Monday that Americans must remain vigilant and adhere to public health measures as the warmer summer months approach. “You may remember a little over a year ago that we were looking for summer to save us from peaks. It was, in fact, the opposite,” Fauci said during a White House briefing on the coronavirus. Fauci also said Americans should continue to receive both doses of the Pfizer and Moderna Covid-19 vaccines, despite a recent study suggesting that just one dose may be enough.

5. Schumer says the Senate could pass an additional bill without GOP votes

US Majority Leader Chuck Schumer (D-NY) praises the legislative achievements of Senate Democrats as he holds a press conference at the US Capitol in Washington, March 25, 2021.

Jonathan Ernst | Swimming pool | Reuters

According to the office of majority leader Chuck Schumer, DN.Y. of the Senate, the Senate MP ruled that the chamber could spend additional time on budget reconciliation to pass legislation without Republican votes. Democrats, who split a 50-50 Senate by party control, will have three options to pass a bill without GOP backing before the 2022 midterm elections. Democrats are trying President Joe Biden’s $ 2 trillion infrastructure plan and they want to pass a bill for economic recovery. Senate Minority Leader Mitch McConnell, R-Ky., Said his caucus would likely be against the infrastructure measure because of the price tag and the increase in the U.S. corporate tax rate to 28% to pay for it.

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