Record S&P 500 Masks a Fear Trade That’s Gripping Stock Market
- Delta variant, angst over peak growth prompt rotation to tech
- Hedge funds trim risky bets as investors snap up Treasuries
Photographer: Michael Nagle/Bloomberg
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Surveying the recent stretch of records for the S&P 500 Index, you’d be tempted to think that when it comes to markets, everything is awesome. Inflation fears have eased, economic indicators are strengthening and the Federal Reserve remains accommodative.
But look past the sunshine and lollipops, and you’ll find a growing sense of defensiveness.