We are now in a macro-driven market

Five charts to start your day

In 2024, thinking defensively on Wall Street felt like a losing move. Markets soared and anyone hedging risk was left watching others pocket big gains. Fast-forward a few weeks into 2025 and suddenly, hedges are back in vogue. Stocks and bonds keep flipping from rally to rout – sometimes in the same week – which has everyone scrambling for cover. Real assets like commodities and real estate are climbing more than 6 percent, while so-called “trend-following” ETFs are raking in cash. Even complex funds built around derivatives are luring billions.