The stock market’s shocking reversals Thursday after a hotter-than-expected inflation report caught many on Wall Street by surprise. Just ask IUR Capital’s Gareth Ryan.
Futures contracts on the S&P 500 and Nasdaq 100 indexes plunged after the consumer price index rose more than anticipated in September. Ryan, a managing director at the London-based investment advisory firm, was watching the profit-and-loss statements for some of his clients who were short the futures going into the CPI report. It looked like a winning bet -- and it was, until the markets started moving against them.