Kurssien ja niiden muutosten kyselyt, kauhistelut ja hehkuttelut - ketju (Osa 2)

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By Caitlin McCabe

Updated May 29, 2023 11:15 a.m. EDT

Firms that use computers to determine buy and sell signals have been loading up while other investors sit back.

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The U.S. stock mar­ket is sur­pris­ingly calm right now, es­pe­cially in the face of the debt-ceil­ing fight.

  • A key rea­son: a grow­ing di­vide be­tween main­stream in­vestors, who have largely been sit­ting out the 2023 stock rally, and the machines whose buy­ing has been dri­ving it.

Only days re­main un­til the U.S. blows past its debt-ceil­ing dead­line. On Sat­ur-day, Pres­i­dent Biden and Re­pub­li­can House Speaker Kevin Mc­Carthy reached a ten­ta­tive agree­ment to pre­vent a desta­bi­liz­ing de­fault.

  • But pas­sage of the plan, which could face some op­po­si­tion in the House or Sen­ate, isn’t yet as­sured and pro­cedural hur­dles could de­lay fi­nal leg­is­la­tion even if they don’t scup­per it.

De­spite the po­lit­i­cal un­cer-tainty, the re­bound­ing stock mar­ket has barely got­ten nicked, with the S&P 500 fin­ish­ing 0.3% higher last week.

  • Over re­cent months, stocks have hand­ily over-come stress in the bank­ing sys­tem, stub­born in­fla­tion and in­ter­est-rate hikes. Last year, those kinds of is­sues re­peat­edly tor­pe­doed stocks. This year, mar­kets have met such events with a shrug.

The mar­ket’s steady rise has puz­zled *an­a­lysts and port­folio man­agers as the S&P 500 has churned more than 9% higher this year (and the tech­nol­ogy-fo­cused Nas­daq Com­pos­ite has risen 24%).

  • One ex­pla­na­tion: Quant funds, or those re­ly­ing on com­puter mod­els and au­to­mated trad­ing, have been dou­bling down on eq­uity mar­kets as other in­vestors have stepped back, cit­ing high val­u­a­tions and con­cerns about the likely course of the U.S. econ­omy.
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