Markets seen opening lower following Monday’s rally

Wall Street stocks

Stock futures drift lower

U.S. stock markets are likely to open slightly lower on Tuesday after an upbeat jobs report propelled the Dow Jones Industrial Average and the S&P 500 to new record highs during the previous session.

By 5:25 a.m. ET, Dow futures moved down 35.5 points, or 0.11% to 33,379.5. The tech-heavy Nasdaq 100 futures dropped 30.75 points, or 0.23% to 13,554.75 while the S&P 500 futures gave away 7.63 points, or 0.19% to 4,060.12.

On Monday, the Dow Jones Industrial Average finished 1.1% higher to 33,527.19 – a new record. The Nasdaq composite gained 1.7% while the S&P 500 ended the session up 1.4%.

Credit Suisse parts ways with investment bank and risk chiefs after Archegos debacle

Credit Suisse chief risk and compliance officer Lara Warner and investment bank head Brian Chin have left the banking giant after it suffered losses from the collapse of hedge fun Archegos Capital Management.

The Swiss bank announced the departures early Tuesday, adding that the Archegos scandal cost it about $4.7 billion. Credit Suisse said that it expects to post a pretax loss of $959 million for the first quarter of this year after taking a charge of $4.7 billion from Archegos’ implosion.

Credit Suisse was one of several lenders that acted as prime broker to Archegos, a family business managed by former hedge fund manager, Bill Hwang.

Crude surges as traders eye U.S.-Iran talks

Crude futures were trading higher on Tuesday morning after the U.S. began indirect talks with Iranian officials in Vienna about both sides resuming compliance with the landmark 2015 nuclear deal.

State Department spokesperson Ned Price told reporters Monday that the primary issues to be discussed are “the nuclear steps that Iran would need to take” to return to compliance with the 2015 nuclear accord, “and the sanctions relief steps that the United States would need to take.”

By 5:25 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were up $1.24, or 2.11% to $59.89 a barrel as analysts saw the odds of a breakthrough as low, reducing the possibility that crude flows from Tehran would pick up further in the near future.

International Brent crude futures gained $1.26, or 2.03% to $63.41 a barrel.