The sum of all fears among traders and investors over valuations and the direction of monetary policy fueled the reversal in the fortunes of the U.S. equity and bond markets.
Investors expect stocks to move increasingly out of sync as shown by the Cboe 3-Month Implied Correlation Index, which measures the 3-month expected average correlation across the top 50 value-weighted S&P 500 stocks. The Index touched a record low of 17.59 on Wednesday.
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U.S. stocks' tendency to move in sync has plunged to near-record lows, but what might seem like a stock picker's dream may actually be a mirage, and investors may be in for a rude awakening.
U.S. stocks tendency to
move in sync has plunged to near-record lows, but what might
seem like a stock picker s dream may actually be a mirage, and
investors may be in for a rude awakening. .