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Stocks Decline in Slowest Trading Day of This Year: Markets Wrap

  • Archegos shares rise as investors shrug off fresh block trades
  • IMF boosts global growth forecast, warns of diverging rebound
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WATCH: “It’s a little bit early to bet against the dollar trade,” says Marc Chandler, chief market strategist at Bannockburn, as he discusses the U.S. dollar and markets pushing back against the Federal Reserve.

Source: Bloomberg
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Stocks dropped in the slowest trading day of 2021 after a rally that drove the equity market to all-time highs. Treasuries climbed.

Volume on U.S. exchanges slipped below 10 billion shares for the first time this year. Tech companies led losses in the S&P 500 on Tuesday, offsetting gains in retailers. The Dow Jones Industrial Average and the Nasdaq 100 also retreated. Stocks tied to the Archegos Capital Management blowup ended the session higher as investors brushed news that Credit Suisse Group AG unloaded more than $2 billion of the shares in the latest block trades stemming from the liquidation of Bill Hwang’s fund.