US futures slip as bank stocks fall on hedge fund default concerns

ViacomCBS, Baidu and VIPShop fell between 0.2% and 1.5%

U.S. stock index futures dropped on Monday after Wall Street's surge in the prior session as major lenders came under pressure on concerns over possible spillover effects of a hedge fund's default on margin calls.
 

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

The news has sparked fears that other lenders could be in the process of exiting these positions too.
 

Shares in Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs, Wells Fargo