Hedge funds trim exposure to megacap tech stocks, banks say

NEW YORK - Global hedge funds reduced their exposure to mega cap tech stocks in recent days, ahead of the companies' third-quarter earnings, two Wall Street banks said.

"We’d note that hedge funds have trimmed a bit of megacap tech risk recently. We’ve seen some long selling and short additions among the group," JPMorgan Chase's positioning intelligence unit wrote in a note, taking into account how its clients rotated portfolios. Goldman Sachs said megacaps account for almost 20% of its hedge funds' clients total U.S. single stock net exposure, versus around 8% in January. " is still near record highs, as managers have been selling other stocks at a much more rapid pace," Vincent Lin, Goldman's co-head of prime insights.

Elon Musk acted like a 'little baby' and was 'almost in tears' on Tesla's 'terrible' earnings call, analyst says

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street drifts lower as pressure rises from the bond marketNEW YORK (AP) — Wall Street is drifting lower in early trading as pressure from the bond market continues to build. The S&P 500 was down 0.5% early Monday. The Dow lost 171 points, and the Nasdaq composite was off 0.6%.
Source: SooToday - 🏆 8. / 85 Read more »

Wall Street analysts on impact of rising yields on stocksSeveral Wall Street analysts, including Morgan Stanley's Mike Wilson and RBC Capital Markets' Lori Calvasina, published notes illustrating stock market risks...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Microsoft Q1 earnings preview: Wall Street looks for signs of AI-powered growthMicrosoft will report its Q1 earnings after the bell on Thursday, as investors look for signs that its AI investments are paying off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Gold market sees second-biggest short covering rally on record as hedge funds caught wrong-footedKitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »