American Software, Inc.'s (NASDAQ:AMSW.A) On An Uptrend But Financial Prospects Look Pretty Weak: Is The Stock Overpriced?
Goldman Sachs said that hedge funds sold off technology stocks to avoid risks during the stock market plunge.
Goldman Sachs stated in a report on Wednesday that global hedge funds have reduced their holdings of US stocks for five consecutive days in the context of a overall correction of large-cap technology stocks. According to Goldman Sachs, the value of stocks sold by hedge funds in the past five trading days has reached the highest level since November 2022, close to the highest level in five years, but no specific data was provided. The report pointed out that hedge funds sold US technology stocks on seven of the past eight trading days. On Wednesday, the selling of technology stocks dragged down the Nasdaq Composite Index by 2.77% and the S&P 500 Index by 1.39%. The Dow Jones Industrial Average was up.
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