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“When you combine ignorance and leverage, you get some pretty interesting results.” – Warren Buffett

Media stocks are in focus this morning as the unwind of the Archegos hedge fund that began last week continues today.  In today’s Morning Lineup, we provided a rundown of the situation and the key factors that will shape how things play out, so make sure to check that out (pg 4).

Futures are lower as financials that have been caught up in the liquidation look to open lower.  Keep in mind also, that despite the weakness at the open, US equities saw major surges into the close on Friday.

Also in today’s report, check out updates on the latest market news and events from the US and around the world, including a summary of the Archegos hedge fund blow-up and its potential impact, profits in China, the rates market, the latest US and international COVID trends including our series of charts tracking vaccinations, and much more.

One bank being hit especially hard from the blow-up in the media stocks over the last week has been Nomura.  Nomura has seen a lot in the last forty years. From the bursting of the Japanese stock bubble in 1989, the 1987 stock market crash, the failure of Long-Term Capital in the 1990s, and then the credit crisis just over 10 years ago, the bank has faced a number of crises.  This morning, the Japanese bank disclosed that it faces $2 billion in losses tied to margin calls, and compared to those prior periods, $2 bln doesn’t have quite the shock value that it used to.

Don’t tell that to the stock though.  Overnight, shares of Nomura fell more than 16%, which is the largest one-day decline the stock has experienced in at least 40 years.