Fast-Money Hedge Fund Trades Roar as Wall Street Defies Gloom

Wall Street is back in triumphant mode, with stocks at records, risk appetites refreshed — and alternative strategies that run on their own engine winning, too.

The S&P 500 and Nasdaq 100 closed the month at all-time highs, propelled by megacap technology earnings and a strong Apple Inc. forecast that landed Friday morning. Risk-taking went beyond equities, with high-yield credit spreads near multi-year tights and retail traders piling into prediction markets and zero-day options. The rally has held through the war in Iran, oil above $100 a barrel and a Federal Reserve that has signaled rates will stay higher for longer, with traders beginning to price the chance of a hike in 2027.