Fast-money bears are feasting in the new-year equity selloff as traders recalibrate bets on the path of Federal Reserve policy.

Stock investors who planned for one thing in 2023 are getting something else entirely. Now, with the tech-obsessed market at risk of running away from them, the race is on to catch up.

Some previously steadfast bears are showing signs of giving in after a seven-month advance put the S&P 500 on the edge of a key chart line.