Hedge funds are rushing to close out bets against US stocks at a pace not seen since the market rebounded from the crash set off by the pandemic in March 2020.
Goldman Sachs Group Inc.’s trading desk division reported that hedge fund managers sharply accelerated the covering of short positions tied to macro products — like major indexes and exchange-traded funds — late Tuesday, just after President Donald Trump announced a temporary ceasefire deal in his war against Iran. The bank said the volume of such unwinding is on track to reach the levels seen early in the pandemic.
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