US hedge funds continue to reduce exposure to technology hardware stocks for the fourth consecutive week, according to a Goldman Sachs client note reviewed by Reuters, reflecting weakness in global semiconductor shares and positioning ahead of the upcoming corporate earnings season.
Information technology stocks, including semiconductor and hardware companies, emerged as the most net-sold sector among US equities during the week ended July 3. The selling comes after technology shares, particularly chipmakers, drove much of the broader market's gains this year, but have recently come under pressure.
