Wall Street’s Year of Calm Snaps as Most Reliable Trades Flop
- Tech stocks erase around $3 trillion as volatility spikes up
- More investors fear a ‘Fed mistake’ and are bidding up hedges
For a better part of a decade, investors have taken solace in reliable tech earnings, which have proven an antidote to a host of market ills.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
For years, Wall Street had it all figured out. If the stock rally is in danger, pile into the Big Tech safety trade. Scared the economy is slowing down? The Federal Reserve has your back.
Now money managers can no longer bet on these market saviors as the most tumultuous week of the year across assets trashes their once-reliable trading playbooks.