EDITOR'S NOTE
The stock market was sluggish on Monday as investors braced for additional fallout from the forced liquidation of a hedge fund's positions that hit media stocks last week.
CNBC and other outlets reported over the weekend that Archegos Capital Management, a family office run by hedge fund veteran Bill Hwang, was forced to sell large blocks of stock late last week, causing dramatic slides for several companies, including ViacomCBS and Discovery.
Both of those stocks fell again on Monday, but by more modest amounts than Friday's slide. 
The bigger impact during Monday's session was on banks. The U.S.-traded shares of Nomura and Credit Suisse fell sharply after they disclosed that an unnamed hedge fund's forced selling caused a significant hit to their books. That hedge fund is widely believed to be Archegos.
Other major bank stocks, including Morgan Stanley and Wells Fargo, also finished the day in the red.
Cassandra Toroian, founder of Bell Rock Capital, said on "Closing Bell" that she believes that the stocks of banks that haven’t taken major hits from this trade were candidates to bounce back.
"For the rest of the group, you've got some tremendous valuations," Toroian said.
The Dow rose nearly 100 points for the day to set a record high, while the S&P 500 slipped less than 0.1% and the Nasdaq Composite fell 0.6%.
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