NEW YORK - Global hedge funds in June sold U.S. shares of technology, media and telecommunications companies at the fastest pace since 2016, mainly driven by semiconductor stocks, Goldman Sachs said in note.
The bank, which compiles its clients' positioning for the data, said semiconductor and software were the top two most sold sectors in June, while hedge funds increased their allocation to tech hardware and electronic equipment.Tech stocks led the S&P 500 index's strong performance in the first half of the year, with artificial intelligence chipmaker Nvidia up 150% and generating 30% of the index's 15% return.
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The top 10 companies in the S&P 500 account for 35% of the index's market value but only 23% of its earnings, according to Apollo Global Management chief economist Torsten Sløk.When it comes to living expenses, the truth is that most Americans subsist on a very thin margin, even if their earnings are solid. With increased costs due to inflation, this has only gotten worse.... -- BlackRock Inc.