Markets And Margin Call Fallout As Nomura & Credit Suisse Shares Tumble, ViacomCBS & Discovery After Last Week's Plunge, Cargo Ship Stuck In The Suez Canal Is Freed, Boeing Gets A Lift From Southwest, And Internet Stocks Benefit From Wall Street Calls

Squawk on the Street

Carl Quintanilla and Jim Cramer kicked off the show by discussing volatility weighing on the markets as shares of Nomura and Credit Suisse tumble -- both companies warning of significant hits to their first quarter results after exiting positions with a large U.S. hedge fund that defaulted on margin calls last week. Goldman Sachs and Morgan Stanley also saw their respective shares take a hit. The recent plunge in shares of ViacomCBS and Discovery also in the spotlight: A source told CNBC the selling pressure in certain media stocks and Chinese ADRs was due to the forced liquidation of positions held by Archegos Capital. David Faber called in to the program to discuss the margin call fallout, the lack of transparency and how this is going to bring great scrutiny to the swap market. Also in focus: The massive cargo ship stuck in the Suez Canal has been freed, Southwest Airlines announcing 100 firm orders for the Boeing 737 Max while taking an option on 155 additional jets, Goldman revising its Q2 GDP forecast, the reopening trade and whether Lululemon should be included in the mix, and upbeat Wall Street calls on internet stocks such as Facebook and Twitter.