Posted 2/26/2024, 7:39:00 PM
Hedge Funds Rapidly Sell Off Tech Stocks, Shift Cash to Other Sectors
- Hedge funds dumped tech stocks at fastest pace in 7 months after building positions ahead of Nvidia earnings
- Retreat triggered 4 days of net selling in tech sector
- Goldman Sachs said Magnificent Seven performance will yield to broader economic indicators
- Hedge funds redirecting cash from tech to real estate, consumer staples, materials
- Market confidence in tech remains high despite selling, seen in lower put-call skew and surge in retail trading of Nvidia