5 things to know before the stock market opens on Tuesday, April 6

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

1. Stocks will take a breather after Dow’s closing records, S&P 500

Traders on the floor of the New York Stock Exchange.

Source: CNBC

2. Credit Suisse suffers an impact of 4.7 billion dollars in the consequences of Archegos

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

Arnd Wiegmann | Reuters

Credit Suisse announced several senior staff departures and proposed a cut to its dividend in the aftermath of the Archegos Capital saga. The Switzerland-based lender now expects a first-quarter pre-tax loss of around $ 960 million, after taking on a $ 4.7 billion charge as a result of the US hedge fund debacle. Credit Suisse said its chief investment banking chief Brian Chin and chief risk and compliance officer Lara Warner will resign immediately. Late last month, Credit Suisse was forced to divest a significant number of shares to sever its ties to 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 cryptocurrencies exceeds 2 trillion dollars for the first time

Cryptocurrency mining rigs at a cryptocurrency mining farm in Romania.

Akos Stiller | Bloomberg via Getty Images

The value of the entire cryptocurrency market topped $ 2 trillion for the first time on Monday, fueled by a rally in ether, the second-largest digital currency, which alone has a market value of more than $ 240 billion. Ether hit an all-time high above $ 2,150 overnight, up more than 180% so far this year. Ethereum, the blockchain behind ether, is considered a key platform for decentralized financial applications and non-fungible tokens. Bitcoin accounts for more than $ 1 trillion of the total crypto market capitalization. Last month, the world’s largest digital currency hit a record high of more than $ 61,000, more than doubling in 2021. It was trading at more than $ 58,800 early Tuesday.

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

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

Jonathan Ernst | Reuters

White House 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. “Maybe you remember a little over a year ago when we were looking for the summer to rescue ourselves from the waves. In fact, it was the opposite,” Fauci said during a coronavirus briefing at the White House. Fauci also said that 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 sufficient.

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

US Senate Majority Leader Chuck Schumer (D-NY) touts the legislative achievements of Senate Democrats while holding a press conference at the US Capitol in Washington on 25 March 2021.

Jonathan Ernst | Swimming pool | Reuters

According to the office of Senate Majority Leader Chuck Schumer, DN.Y., the Senate MP ruled that the House can use budget reconciliation additional time to pass legislation without Republican votes. Democrats, who control a 50-50 Senate divided by party, will have three chances to pass a bill without GOP support before the 2022 midterm elections. Democrats are trying to pass the infrastructure plan of more than $ 2 trillion from President Joe Biden, and his goal is to push through an economic recovery bill. Senate Minority Leader Mitch McConnell, R-Kentucky, said his group would likely oppose the infrastructure measure because of the price and raising the US corporate tax rate to 28% to pay for it.

– Get the latest on the pandemic with CNBC Coronavirus Blog.


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