The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Macaskill on markets: The self-driving market arrives on Wall Street

Wall Street is turning into a self-driving market, long before automation transforms the physical experience of transportation.


The steady rise in the S&P500 is beginning to feel inexorable, with the index up by almost 10% this year and by more than 16% in the last 12 months. The rally will enter its second decade if it lasts until March next year. 

Investors in US shares are increasingly adopting the view that all is for the best in the best of all possible markets. 

This allows them to ignore signs of distress abroad, such as the collapse of the Turkish lira or the risk of a no-deal Brexit. It also lets them look past the potential effect of a prolonged trade war between the US and China, and tune out the bizarre twists of American domestic politics.

A side effect of the oddly uneventful rise in stock prices has been the downgrading in status of traders on Wall Street. After all, there is little need for dealing skills if markets simply rally steadily.

Goldman Sachs remains the barometer of changing conditions on the Street, and its recent management changes have been widely interpreted as validation of a new era. Records for M&A activity are being set, which indicates that a new breed of investment banker should take management control. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree