Goldman Sachs Says Hedge Funds Are Ditching Tech Stocks And Jumping Into One Overlooked Sector Instead: Report

Description

Hedge funds are reportedly fleeing tech stocks at the fastest rate in twelve months, pivoting to a new trade idea. In a note to clients seen by Reuters , Goldman Sachs says hedge funds took profits on their tech positions just as the S&P 500 index hit all-time highs. The bank says tech stocks were sold off by hedge funds in the US and Europe more than any other sector last week, and was the largest exodus from the field since July 2024. Goldman also notes that every type of tech stock was sold, ...