But the pain didn’t stop at stocks. Gold whipsawed, briefly dipping below $5,000 Thursday before recovering to end the week higher. Silver swung 11% in a single session. Bitcoin, still nearly half off its October high, briefly sank below $66,000. Even in credit, the consensus bet broke down: junk bonds, while roughly flat, lagged investment grade by the widest margin in months. Across asset classes, the favored trades are losing to the unfavored ones — fast.
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