Hedge funds are boosting bets against U.S. stocks as selloff continues, Goldman Sachs says

Hedge funds have been ramping up bets against U.S. stocks amid the worst streak of losses for the S&P 500 since the collapse of Silicon Valley Bank, according to data from Goldman Sachs Group’s prime brokerage unit.

As a result of the proliferation of short bets, the ratio of short positions to long positions among Goldman’s prime-brokerage clients is nearing lows from last fall, when the S&P 500 logged its 52-week closing low of 3,577.03 on Oct. 12. The yield on the 10-year Treasury note BX:TMUBMUSD10Y was up more than 9 basis points in early trade Monday to top 4.52%, while the 2-year yield BX:TMUBMUSD02Y gained 3 basis points to 5.127% after the spread between the two widened by about 2.4 basis points last week, according to Dow Jones Market Data.

“Seems the [long-short] community is taking major issue with the bear steepening of the curve,” said a Goldman sales trader in a note seen by MarketWatch.

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