US OPEN: Wall Street lower on hedge fund default concerns

• Bank stocks under pressure after Archegos debacle
• Suez Canal traffic resumes
• Goldman Sachs (GS.US) stock fell 3% after Archegos linked sell-off

Wall Street started today's session in lower after Nomura and Credit Suisse warned of substantial losses after the US hedge fund, Archegos Capital Management, defaulted, which put pressure on some major US media and Chinese tech companies. Archegos had to liquidate more than $20 billion of positions linked to the firm's roiled stocks. Meanwhile, traffic in Suez Canal should soon resume as the Ever Given ship was finally freed.

US500 launched today’s session lower however buyers managed to defend support at 3931 pts and index moved higher towards all-time high at 3980.8 pts. However if sellers will manage to regain control and break below the aforementioned support, then next support at 3895 pts may be at risk. Source: xStation5

Goldman Sachs (GS.US) stock fell 3% after the bank announced that any losses it faces from the unwinding of trades by Archipelago Capital Management are likely to be immaterial, according to a person familiar with the matter who spoke to Bloomberg.

Goldman Sachs (GS.US) stock launched today’s session lower is testing major support at $318.01. Should a break below occur, downward move may accelerate towards next support at $306.38. On the other hand, if buyers will manage to halt declines, then another upward impulse towards resistance at $336.31 may be launched. Source: xStation5 

Boeing (BA.US) stock gained 2.5% in premarket after the aircraft manufacturer made an agreement with Southwest Airlines (LUV.US), for 100 firm orders of its 737 MAX 7 plane as the airline updates its fleet.

Twitter (TWTR.US) stock rose more than 2.0% in the premarket after Truist upgraded the stock to “buy” from “hold,” with the firm pointing to higher revenue growth estimates as well as what it refers to as “the most exciting product roadmap” it has ever seen from Twitter.

Amazon.com (AMZN.US) was added by JPMorgan Chase as a “top pick.” Bank believe that e-commerce giant is poised to deliver strong sustainable growth at a reasonable valuation.