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Bridgewater Associates founder, president and CIO Ray Dalio. Photo: David A.Grogan/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images

Bridgewater Associates bet more than $1 billion that either the S&P 500, the Euro Stoxx 50 or both will fail by March, the Wall Street Journal reports.

The big picture: The massive wager is one of a growing number of bearish trades as stock markets reach new highs and as some investors worry about a correction. It's also caused the price of some options to rise.

What to watch: March 2020 is well into the Democratic primaries. If Sen. Elizabeth Warren wins the Democratic nomination or the presidency, some financial predictions show markets will fall.

  • As Axios' Dan Primack has reported, Warren has put a bullseye on Wall Street, private equity and her overall fight against corporations.

Bridgewater declined to comment on its trades to WSJ: "We have no positions that are intended to either hedge or bet on any potential political developments in the U.S."

  • Its founder, Ray Dalio, tweeted later on Friday that the article is "wrong": "I want to make clear that we don’t have any such net bet that the stock market will fall."

Go deeper: Elizabeth Warren's frontrunner status is bad news for private equity

Editor's note: This article has been updated to include a tweet from Bridgewater founder Ray Dalio.

Go deeper

AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk” and criticizing his past support for Social Security and Medicare cuts.

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.

2 hours ago - Podcasts

Butterball CEO Jay Jandrain talks turkey

Butterball estimates that it sells one out of every three Thanksgiving turkeys, but knows that this year's celebrations will be different than years past.

Axios Re:Cap talks with the turkey giant's CEO Jay Jandrain about what people are buying, what they're asking the "Turkey Talkline" and what the pandemic has meant for his business.

Biden introduces top national security team

President-elect Joe Biden's nominee for Secretary of State Antony Blinken spoke Tuesday at an event introducing the incoming administration's top national security officials, where he told the story of his stepfather being the only one of 900 children at his school in Poland to survive the Holocaust.

What they're saying: "At the end of the war, he made a break from a death march into the woods in Bavaria. From his hiding place, he heard a deep rumbling sound. It was a tank. But instead of the iron cross, he saw painted on its side a five pointed white star," Blinken said.