Hedge Fund VIPs Suffer Worst Day Since 2011 As Two-Thirds Of The S&P Rallies... And The Index Tumbles

Thursday was one of those days when the index told you almost nothing.

On the surface, the S&P fell 1.5% and the Nasdaq 100 puked over 3% as Meta, Lam Research and Tesla turned what was supposed to be an earnings-led stabilization into another AI-capex unwind. Underneath, 335 S&P members actually closed higher, Treasuries enjoyed their biggest rally in over a year, and hedge funds had a day that, by at least one Goldman measure, was the worst since the US lost its AAA rating in August 2011!

Everybody Lost, All At Once