Wall Street Signals Economic Worry With Rush to Defensive Assets
- Signs of defensive nature of risk rebound on display all over
- Haven flows, valuations and negative debt all point to caution
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The constant refrain on Wall Street is that markets have broken from pandemic reality, yet the evidence keeps suggesting otherwise.
The S&P 500 staged a late-session reversal on Monday on fresh virus fears that underscore the jitters behind the global rebound in risk. The latter keeps taking place alongside a historic bid for safety and elevated equity volatility.