Bearish Hedge Funds Surprised by Stock Market Rally

📆 8/08/2023 7:58 p. m.
📰 BusinessInsider

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Hedge funds are being forced to cover their bearish bets, as the stock market continues to defy doubters

, and broader economic data holds firm – with falling inflation and low unemployment.

Short-sellers took a hit of $53.5 billion mark-t0-market losses in July, marking over $175 billion in total losses for the year so far. Among the other biggest losers in July are Alibaba Group, Rivian, Coinbase, and Meta, totalling $3.9 billion in writedowns for managers last month.

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Surprise Stock Market Rally Bulldozes Bearish Hedge FundsShort covering by funds reaches its highest cumulative dollar amount in years.
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