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Hedge funds sell US stocks for fifth week running

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Global hedge funds sold off US stocks at a faster pace than they bought for the fifth week in a row last week, with much of the sell-off coming in communication services stocks and exchange-traded funds, according to a report by Reuters citing Bank of America data.

The BofA data shows that, overall, stock sales by hedge funds totalled around $700m last week, although some stocks, including consumer staples, healthcare and technology shares, remain on portfolio managers’ shopping lists.

The sell-off came as Federal Reserve officials sounded a cautious note in tech outlook for interest rate cuts, sending the S&P 500 down 1%.

So far this year, hedge funds have sold $8.43bn in stocks, having added almost $11bn last year, according to BofA.

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