Wall Street Roundup: Bair’s bite. Hedge fund haven.

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Gold: Trading now at $1,493 an ounce, up 0.5% from Friday. Dow Jones industrial average: Trading now at 12,138.96, down 1.6% from Friday.

Bad outlook. S&P’s decision to lower the outlook on the U.S. credit rating to negative sent stocks plunging.

Citi and the consumer. Citi’s fortunes continue to rise with those of the American consumer, according to the earnings release Monday morning.

Hedge fund haven. As investors go hunting for bigger returns in this low-interest rate environment, hedge funds are seeing big inflows.

Bair’s bite. FDIC chief Sheila Bair, who has been tenacious in taking on big banks, said that bulge bracket banks should take further steps to fence off their Wall Street operations from their Main Street operations.

-- Nathaniel Popper