John Flood, a partner at Goldman Sachs, pointed out that Thursday's dramatic reversal in U.S. stocks underscored that Nvidia's off-balance sheet results did not give traders the expected "risk relief" signal, but instead prompted them to urgently build defenses to avoid further losses.
A strong start to early trading in the US quickly fizzled out on Thursday. The S & P 500 surged 1.9 per cent in the first hour of trading before turning down just before 1pm local time - its biggest intraday move since the market turmoil in April, wiping more than $2 trillion off its peak and closing below its 100-day moving average for the first time in months. The fear gauge VIX jumped above 26.
"The market is now scarred by old wounds," Mr. Fleur wrote in a note to clients. "The market is extremely focused on hedging'crowding risk 'and investors have entered pure profit and loss protection mode." (Jin Ten)
Goldman Sachs warns that there is an "extreme hedging" panic behind the slump in US stocks
2025-11-21 02:57:36
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