Wall Street opens lower on hedge fund default concerns; Nasdaq down 0.78%

The S&P 500 fell 5.2 points, or 0.13%, at the open to 3,969.31

Wall Street's main indexes eased 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.

Nomura and Credit Suisse warned of losses after the U.S. hedge fund, named by sources as Archegos Capital, defaulted, hitting shares in some big media and Chinese technology companies.

Shares in Morgan Stanley fell about 3% after the Financial Times reported it had also sold billions of shares, while Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs and Wells Fargo & Co dropped between 0.3% and 2.7%.

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