Hedge Funds Dump U.S. Stocks

“The relentless rally that has the S&P 500 Index hovering near all-time highs still hasn’t convinced Wall Street’s smart money to give up on their bearish views,” Bloomberg reports.

“Hedge funds unloaded US equities the past four weeks, as dumping of shares outpaced short-covering, according to a Goldman Sachs Group Inc. prime brokerage desk report. Notably, the funds were unwinding exposure to technology, media and telecom stocks at the fastest pace in a year ahead of earnings from the sector, which has been crucial to the stock market’s rebound since April.”