Risk-Obsessed Wall Street Traders Tune Out Macro Angst - Again
Traders work on the floor at the New York Stock Exchange on Friday.
Photographer: Michael Nagle/BloombergA week ago, the worst jobs data since the pandemic sent fixed-income investors racing to price in a sharp economic slowdown. Already in equity and credit markets, you’d have a hard time noticing the report ever happened.
High-risk trades everywhere surged anew this week, resuming the dizzying ascent that has defied a host of signals casting doubt on the staying power of economic growth. The Nasdaq 100 rose the most in more than a month, Bitcoin halted a short-term swoon and high-yield bond spreads narrowed for five straight days.