News Summary

• A bout of equities volatility fueled by surging energy prices amid the Iran war is eroding confidence among some of the market’s most reliable bulls.
• Retail investors were net sellers of exchange-traded funds at the fastest intraday pace in a year at one point on Wednesday.
• By the end of the day, their ETF positioning had dropped to the lowest level in more than 10 months.
• Under the surface, positioning trends reveal a growing concern over economically sensitive sectors such as industrials, financials, and even energy stocks.