Hedge funds reportedly sold tech stocks most heavily since June

In October, the S&P 500 remained nearly flat while hedge funds reportedly sold tech stocks most heavily since June and became net buyers of defensive sectors for the first time in seven months. Goldman figures reportedly put the Magnificent 7 at about 22% of hedge funds' net exposure to US stocks in mid-October. Goldman trader Ryan Sharkey is quoted as identifying them as a potential source of cash if funds need to sell.