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Markets

Bank Chaos Tests Traders’ Nerves and Rewards Those Doing Nothing

  • Stocks holding up well after the collapse of several lenders
  • Sticking to bonds amid extreme Treasury turmoil reaps profits
The New York Stock Exchange in New York, on March 20. 

The New York Stock Exchange in New York, on March 20. 

Photographer: Michael Nagle/Bloomberg
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The plot twists in markets have lately been riveting. The urge to react has been intense. Doing so has mostly been a mistake.

It’s still early, and things can get fluid when financial stress is afoot. But amid warnings of a banking crisis, a credit-fomented recession, pivoting central banks and stagflation, the best strategy so far — particularly in stocks — has been to sit still.