The “work-from-home” trade didn’t work on Wednesday, as shares of high-flying technology companies swooned along with all three major U.S. stock indexes.
“Investors are moving out of equities as COVID-19 fears and a tightening presidential race add more uncertainty to an already uncertain market,” said James McDonald, chief executive at Los Angeles-based Hercules Investments. But other typical go-to safe-haven assets also sold off or languished Wednesday, despite the sharp rout in stocks. Gold futures GCZ20, -0.57% ended at a one-month low as some investors braced for margin calls, while U.S. Treasury yields TMUBMUSD10Y, 0.813% were flat.
That marks a “doubling of the broad U.S. equity market every 7.05 years across seven Republican administrations and five Democratic administrations,” he wrote in a market note.
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