Goldman Sachs: Hedge funds sold tech stocks near record pace, total leverage down 8.7 points

Cointime reports: Hedge funds sold technology stocks at close to the fastest pace since Goldman Sachs began tracking the data in 2016, with tech the most net-sold sector among global and US hedge funds last week, Goldman’s prime brokerage data show. As of Nov. 6, total leverage at US fundamental long-short funds fell 8.7 percentage points to 207.5%, the biggest weekly drop since March 2020, while net leverage slid 3.7 points to 43.3%. The selling followed a 6.4% one-day plunge in the Nasdaq 100 on Thursday that erased about $2.3 trillion in market value.