S&P 500, Nasdaq open lower on hedge fund default concerns
(Reuters) – Wall Street’s main indexes opened lower on Monday after a surge in the previous session, as global banks said they faced potential losses from a hedge fund’s default on margin calls.
The Dow Jones Industrial Average rose 14.7 points, or 0.04%, at the open to 33,087.55. The S&P 500 fell 5.2 points, or 0.13%, at the open to 3,969.31, while the Nasdaq Composite dropped 34.8 points, or 0.26%, to 13,103.971 at the opening bell.
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CANADA STOCKS-TSX opens slightly lower on subdued commodity-linked stocks
March 29 (Reuters) – Canada’s main stock index opened marginally lower on Monday, as energy and mining shares tracked subdued commodities, although optimism about an economic recovery capped losses.
* At 9:43 a.m. ET (13:43 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 6.81 points, or 0.04%, at 18,745.77.
Stock Alert: Boeing Shares Up 3%
Shares of The Boeing Company (BA) are currently trading at $254.05, up $9.18 or 3.75% Monday morning, with trading volume of 3.64 million more versus an average volume of 16.4 million shares.
Boeing and Southwest Airlines, on Monday, announced the carrier would continue to build its business around the 737 MAX family with a new order for 100 airplanes and 155 options across two models. The deal comes after a multi-year fleet evaluation by Southwest and means that Boeing and its suppliers could build more than 600 new 737 MAX jets for the airline through 2031.
The new purchase agreement takes Southwest’s order book to 200 737-7s and 180 737-8s, more than 30 of which have already been delivered. Southwest would also have 270 options for either of the two models, taking the carrier’s direct-buy commitment to more than 600 airplanes. The airline also plans additional 737 MAX jets through third-party lessors.
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Visa to allow payment settlement using cryptocurrency
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Visa Inc. said on Monday it will allow customers to settle transactions on its payment network in cryptocurrency.
The company will pilot the use of the stablecoin USD Coin to settle transactions over Ethereum, an open-source blockchain network. The program is being offered with the help of partner brokerage platform Crypto.com and the digital-asset bank Anchorage. More partners are expected to be included in the program later this year.
USD Coin is pegged directly to the U.S. dollar.
The announcement sent the price of bitcoin, ethereum and other digital currencies higher with the global cryptocurrency market capitalization rising 3.7% to $1.82 trillion, according to CoinMarketCap.com.
Cryptocurrencies have recently become more widely accepted by Corporate America.
Tesla Inc. earlier this month announced customers could pay for vehicles with bitcoin.
That, after the electric-car maker last month announced the purchase of $1.5 billion of bitcoin as a way to diversify its cash holdings.
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Enterprise software provider MicroStrategy Inc. and digital-payment company Square Inc. have also recently announced bitcoin purchases.
Bitcoin is also gaining more respect as an investment class on Wall Street, where firms including BlackRock Inc. and Morgan Stanley have begun investing in the cryptocurrency.
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MG Foods Recalls Three More Turkey Wrap Sandwiches
Charlotte, North Carolina-based MG Foods has expanded its recall to include three Turkey Wraps due to potential contamination of Listeria.
Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Healthy individuals may suffer short- term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea. It can also cause miscarriages and stillbirths among pregnant women.
The products were distributed between March 3, 2021 and March 5, 2021 and packaged in clear plastic wedges & plastic wrap. The products were sold exclusively via vending machines and micro markets located in business locations in Georgia, North Carolina, South Carolina, and West Virginia.
No illnesses have been reported to date.
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Predictions for Monday’s NCAA Tournament men’s basketball Elite Eight games
NCAA men’s basketball tournament action on a Monday night is nothing new. The championship game has been staged on that nights for decades now.
But Monday and Tuesday Elite Eight action is new for this year thanks to the tournament’s altered schedule. Hopefully, the different time slots will not affect the high drama with spots in the Final Four on the line.
Here’s a breakdown of Monday’s games, with predictions 100% guaranteed to be completely correct or totally wrong.
Midwest Regional Final
No. 2 Houston vs. No. 12 Oregon State, 7:15 p.m. ET, CBS