5 things you should know before Tuesday’s stock market opens

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

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

Traders on the floor of the New York Stock Exchange.

Source: CNBC

2. Credit Suisse suffers a $ 4.7 billion Archegos fallout

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

Arnd Wiegmann | Reuters

Credit Suisse announced several senior executives leaving Tuesday and proposed cutting its dividend as part of the aftermath of the Archegos Capital saga. The Switzerland-based lender now expects a pre-tax loss of around $ 960 million in the first quarter after posting a $ 4.7 billion charge as a result of the collapse of the U.S. hedge fund. Credit Suisse announced that the investment bank’s CEO, Brian Chin, and its chief risk and compliance officer, Lara Warner, will be stepping down immediately. Late last month, Credit Suisse was forced to dump a sizeable amount of shares to sever ties with the troubled Archegos family office. Japan’s Nomura and Wall Street Goldman Sachs were also forced to sell stocks on behalf of the heavily indebted Archegos.

3. The total market value of cryptocurrencies exceeds $ 2 trillion for the first time

Cryptocurrency mining rigs on a crypto mining farm in Romania.

Akos Stiller | Bloomberg via Getty Images

The total cryptocurrency market was valued at over $ 2 trillion for the first time on Monday, due to a rally in ether, the second largest digital coin, which alone has a market value of more than $ 240 billion. Ether hit an all-time high of over $ 2,150 overnight, an increase of over 180% since the start of the year. Ethereum, the blockchain behind Ether, is seen as a key platform for decentralized financial applications and non-fungible tokens (NFTs). Bitcoin accounts for more than $ 1 trillion of the total crypto market capitalization. Last month, the world’s largest digital coin hit a record high of over $ 61,000 – more than double in 2021. It traded at over $ 58,800 early Tuesday.

4. Fauci warns of easing public health policies as summer approaches

Anthony Fauci, director of the National Institute for Allergies and Infectious Diseases at the NIH, speaks about the daily press conference at the White House in Washington on January 21, 2021.

Jonathan Ernst | Reuters

The Chief Medical Officer of the White House, Dr. Anthony Fauci, warned Monday that Americans should remain vigilant and comply with public health measures as the warmer summer months approach. “You may remember a little over a year ago when we were looking for summer to save ourselves from waves. It was actually the opposite,” Fauci said during a coronavirus briefing at the White House. Fauci also said Americans should continue to receive both doses of the Pfizer and Moderna Covid-19 vaccines, despite a recent study suggesting that only one dose might be enough.

5. Schumer Says Senate Could Pass Additional Bill Without GOP Votes

Senate Majority Leader Chuck Schumer (D-NY) promotes the Senate Democrats’ legislative achievements when he holds a press conference at the U.S. Capitol in Washington on March 25, 2021.

Jonathan Ernst | Pool | Reuters

According to the office of Senate Majority Leader Chuck Schumer, DN.Y., the Senate MP decided that the House could use the budget vote an additional time to pass laws without Republican votes. Democrats who control a 50:50 Senate split by the party have three options to pass a bill without GOP support before the 2022 midterm elections. Democrats seek to pass President Joe Biden’s $ 2 trillion infrastructure plan after which they want to pass an economic recovery bill. Senate Minority Chairman Mitch McConnell, R-Ky. Said his caucus would likely speak out against the infrastructure measure because of the price and the increase in the U.S. corporate tax rate to 28% to pay for it.

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