Wall Street’s Favorite Trades Collapse After Market Selloff

All across Wall Street, day by day, the headlong rush into the most popular trades, from tech stocks to gold to cryptocurrencies, has given way to a sudden retreat from risk.

There’s been no single cause, like there was last April when President Donald Trump’s trade war sent markets into a fearful tailspin. Instead, it’s been a slow drumbeat of news that is sowing anxiety about valuations that many suspected had already run up too far — and causing investors to pull back all at once.