Reported 5 months ago
Global hedge funds have been lowering their exposure to U.S. stocks for five consecutive days due to a market-wide decline in technology-related megacap stocks, as reported by Goldman Sachs. The value of stocks hedge funds sold over the past five trading sessions was the largest since November 2022, nearing a five-year high. Hedge funds have been selling U.S. tech stocks in seven of the last eight trading days, with the tech sell-off resulting in a 2.77% drop in the Nasdaq Composite and a 1.39% drop in the S&P 500, while the Dow Jones Industrial Average increased by 0.59%. Goldman Sachs indicated that the de-risking trend was led by the information technology sector, followed by industrial, healthcare, consumer discretionary, and communications services sectors.
Source: YAHOO