Stock market news today October 9

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Here’s why hedge funds could keep the stock sell-off
raging — and what you can do to protect yourself

As the stock
market suffers through its most recent bout
of selling pressure, it feels as if a perfect storm of bearish
factors have culminated simultaneously.

There are spiking Treasury yields, which have reduced the relative
appeal of equities and exacerbated fears of
a liquidity crunch.

Then there’s President Donald
Trump‘s trade war, which has rattled
nerves worldwide and left investors to assess the potential
market fallout.

There’s also the unfortunate fact that
corporate share buybacks— which have buoyed
stocks during lean times throughout
the 9-1/2-year bull market— are in
a market-wide blackout period prior to earnings season.

And if all of that weren’t stark enough,
hedge funds are doing their part to make the experience as
miserable as possible. After all, it’s their most popular
holdings that are absorbing the brunt of the selling.

There’s been a shakeup in Goldman Sachs’ trading division
— and a 28-year veteran is out

A 28-year veteran of Goldman Sachs is leaving the
firm as
new CEO David Solomon looks to put his mark on the bank.

John Willian,
who previously served as the bank’s global head of fixed income,
currency and commodities sales (FICC), is retiring from
Goldman, according to a memo on Tuesday.

He’ll remain an adviser to the bank, the memo said.

Av Bhavsar, who oversees US credit and mortgage sales, and
Ricardo Mora, global head of FICC emerging markets distribution
and head of Americas foreign exchange sales, will now become
coheads of fixed income, currency and commodities sales in the
Americas, the memo said.

A small team of traders at Goldman Sachs made $100
million betting on natural gas 

Goldman Sachs has bounced back from last year’s commodities
rout.

The investment bank racked up $100 million in the first half
trading natural gas, according to people with knowledge of the
matter. The money was made by Shane Lee, a Calgary-based trader
who previously worked at the hedge fund Amaranth Advisors, and
his team, the people said.

The performance was a reversal from 2017, when natural-gas bets
in the second quarter went so poorly that the commodities-trading
department turned in its worst
annual performance in the bank’s history as a public company.

Commodities trading, once one of the bank’s most vaunted
businesses, saw revenue plummet 75% to less than $300 million
last year, Bloomberg has reported. That was down more than 90%
from a high of $3.4 billion in 2009.

In markets news