Traders Obsess Over State Stock Market Report of Discovery, ViacomCBS ‘unprecedented’ selloff

State Stock Market Report

A turbulent week of trading in US markets ended with weekly gains by three major equity indexes. The stock market saw a solid finish this Friday according to the state stock market report.

The financial perspective is being further complicated by deployment of COVID vaccines and $1.9 trillion aid package. The stock market has been a subject of many spells of turbulence due to the rising interest rates because of these rollouts according to stock market news. In spite of the fact that the markets delivered an hopeful remark in the final full week of March, few strategists and market people were still deliberating a major block trade in the final minutes of trading on Friday.

All the reservations of major market strategists came true on Friday when Bloomberg News reported an ‘unprecedented’ $35 billion in block trades. Major companies which bore the full brunt of this battering were major media stocks of ViacomCBS and Discovery. The $35 billion block trade also included Chinese companies along with American media giants.

ViacomCBS shares fall!

This week saw the conclusion of a period where ViacomCBS’s Class B shares VIAC, +6.42% were constantly slumping since Jan 25. This Friday marked their lowest level of the drop period in stock market today graph when shares of both the companies were down by more than 27%. This was the steepest daily percentage drop in ViacomCBS’s history.

State Stock Market Report Discovery’s stock slump

Meanwhile among S&P 500 stocks, Discovery produced the second-worst performance despite the second-most activity of any member of the broad-market threshold. Encountering their sharpest one-day decline since September 18, 2008 Discovery shares DISCA, 7.49% fell to their lowest close since February 4th this year.

This big slump was brought on by Archegos Capital Management LLC which sold a major block of Viacom and Discovery and also dumped lots of shares of few Chinese technology companies plus other U.S. media associations. Archegos is the family office of stock market trader Bill Hwang. Bloomberg News signalled at this connection in their Sunday report citing experts in the matter. This can have serious repercussions in todays stock market. They were later backed up by The Wall Street Journal when they reported the same thing in their stock market summary.

The market stakeholders are eagerly waiting to see what effect these sales by Hwang will impact the US stocks today after they opened on Monday. It is still pretty ambiguous at this stage.

Chief Market Analyst at CMC Markets, Michael Hewson was found quoting in his stock market report that “While the speed of the fall has attracted attention for all the wrong reasons, prompting speculation of a large margin-call liquidation, what most people appear to have missed is that both of these companies have seen their share prices almost quadruple since October last year.”

On Friday few other stocks which saw a decline in their stock market graph are The Dow Jones Industrial Average DJIA, -0.26% which closed up 453.40 points or 1.4%, the S&P 500 index SPX, -0.53% which finished at 65.02 points or 1.7% higher to settle at 3.974.54 and the Nasdaq Composite Index COMP, 0.09% which rose 161.05 points or 1.2% to finish at 13,138.72.