The Federal Reserve is about to end America’s era of easy money. That is prompting investors to reverse course on two years of investing strategies, kicking off this month’s broad market rout, the worst selloff since the early days of the pandemic.

Major U.S. stock indexes have dropped between 6% and 15% in January, through Thursday, with some investor favorites during the pandemic—including Covid-19 vaccine maker Moderna Inc., Peloton Interactive Inc. and Netflix Inc.—falling around two or three times as much. Wall Street’s fear gauge, the Cboe Volatility Index of expected market swings, has almost doubled this year. Some well-known hedge funds are down 10% or more, said people familiar with the results.

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