Wall Street Humbled as Fast-Reversing Markets Confound the Pros
- Mixed macro data reignites concern over soft-landing outlook
- Tech skeptics just missed Nasdaq’s best gain since November
A trader works on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
With inflation up, economic growth down and two-year Treasury yields testing 5%, Bill Gross sensed the music in markets was fading, and said it was time to get over the likes of the Magnificent Seven.
“Stick to value stocks,” the Pacific Investment Management co-founder posted Thursday morning on X, formerly known as Twitter. “Avoid tech for now.”