US Stock Market | Hedge funds extend selloff in tech hardware stocks ahead of earnings: Goldman Sachs

Hedge funds were net sellers of US equities for a third consecutive week through July 3, with information technology, particularly semiconductor and hardware stocks, being the most net-sold sector. The semiconductor-heavy SOX index fell 4.2% during the week as investors took profits amid growing concerns over the massive AI investments by tech companies and uncertainty around timeline for meaningful returns. Beyond tech, hedge funds also reduced exposure to industrial and consumer discretionary stocks while adding positions in commercial services, consumer staples, real estate and energy.