Hedge funds have been ramping up bets against U.S. stocks amid the worst streak of losses for the S&P 500 since the collapse of Silicon Valley Bank,...
Hedge funds have been ramping up bets against U.S. stocks amid the worst streak of losses for the S&P 500 since the collapse of Silicon Valley Bank, according to data from Goldman Sachs Group’s prime brokerage unit.
As a result of the proliferation of short bets, the ratio of short positions to long positions among Goldman’s prime-brokerage clients is nearing lows from last fall, when the S&P 500 logged its 52-week closing low of 3,577.03 on Oct. 12. The yield on the 10-year Treasury note BX:TMUBMUSD10Y was up more than 9 basis points in early trade Monday to top 4.52%, while the 2-year yield BX:TMUBMUSD02Y gained 3 basis points to 5.127% after the spread between the two widened by about 2.4 basis points last week, according to Dow Jones Market Data.
“Seems the [long-short] community is taking major issue with the bear steepening of the curve,” said a Goldman sales trader in a note seen by MarketWatch.
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