$100bn stock swings expose ‘fragility’ beneath Wall Street rally
Options and ETF frenzy have helped make largest US stocks more volatile, raising stakes ahead of Big Tech earnings
Options and ETF frenzy have helped make largest US stocks more volatile, raising stakes ahead of Big Tech earnings

Soaring S&P propelled by Big Tech equities prompts warnings about ‘fragility’ of rally

Volatility is keeping market-making desks active at a time when mergers and issuance have slowed

The market is navigating a regime where there is more volatility, dispersion of returns and changes in stock leadership

Gap between large moves in individual equities and subdued index performance hits highest since global financial crisis

Energy groups, small caps and materials companies have displaced AI-linked shares as best performers

Tech shares extend recent declines as rising debt piles in many major economies concern investors