Goldman Sachs: As US stocks hit new highs, hedge funds accelerate withdrawal from technology stocks and shift to consumer staples stocks

Goldman Sachs report shows that as the S&P 500 index reaches a historic high, hedge funds are selling technology stocks at the fastest pace, primarily focused on the North American and European markets. Hedge funds are more inclined to unwind long positions, leading to a widespread sell-off of technology stocks, while consumer staples stocks have become the sector with the highest net buying. The price-to-earnings ratio of the S&P 500 index is approaching a five-month high, with investors paying attention to changes in long-term interest rates