Trade Tantrums Turn U.S. Stock Market Into a Macro Play
- Equities have been moving in unison over the past month
- Realized correlations have soared amid trade headline barrage
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It’s all or nothing in the U.S. stock market.
The S&P 500’s top constituents have shown a greater tendency to move in the same direction over the past month than at any time since the aftermath of the Brexit referendum in 2016. So-called realized correlations have soared, sending stocks up or down en masse under a barrage of trade headlines.