The Federal Reserve will issue its rate policy decision on Wednesday, and traders will be fixated on policymakers' reluctance to cut.
Short interest in the ' Magnificent Seven ' stocks climbed to a record $127 billion in April, S3 Partners managing director of predictive analytics Ihor Dusaniwsky said in a report Wednesday. Bets against the seven 'will always be high,' since they represent 'an easy and cheap way to hedge the tech aspect of a portfolio.
So far in 2024, investors have made an estimated $5.6 billion shorting Tesla and $2.4 billion going against Apple, according to S3 mark-to-market data. But they have lost $9.8 billion betting the other way against Nvidia, are down $2.3 billion on Meta and off $2.1 billion on Amazon. Given the past week's rebound in the market, S3 has mostly observed short covering in the group, where investors buy back stock to limit their losses.
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