Data-Crunching Wall Street Skeptics Sit Out the Turnaround Trade
The S&P 500 is now less than 3% below levels seen just before the unveiling of tariffs on so-called Liberation Day.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Michael Mullaney’s mind was elsewhere during the market rebound this week, even as stocks surged, borrowing costs for Corporate America eased and Treasuries settled down.
Instead, the head of research at value-investing firm Boston Partners found himself checking and re-checking economic data that he fears show early signs of the damage already caused by Donald Trump’s trade war. Signals like dwindling Los Angeles shipping volumes, declining tourism-related travel and shrinking credit-card receipts in key consumer sectors.