U.S. Stock market heads for slight dip on Monday as S&P 500 futures, Nasdaq 100 futures down in Wall Street pre-market
Wall Street’s biggest hedge funds cut their exposure to “Magnificent Seven” stocks, including Nvidia, Amazon, Alphabet and Meta, in the third quarter while taking new positions in application software, e-commerce and payments companies, according to regulatory filings Friday.
Many funds also reduced their exposure to leading names in healthcare and energy in the quarter ended September 30. The latest positions marked a shift from the second quarter, when many leading stock-picking firms were much more bullish on Big Tech names after witnessing a boom in AI valuations. Since then, those high valuations have started to fall.
Markets were generally up in the third quarter; The S&P 500 is up almost 8%. The tech-heavy Nasdaq 100 index rose nearly 9% during the quarter.
Lone Pine Capital and Tiger Global reduced their stakes in Facebook’s main Meta Platforms by 34.8% and 62.6%, respectively, while Bridgewater and Coatue were among the funds reducing their exposure to Nvidia.
FAQ
Q1. What are the top three indices of the US Stock Market?
A1. The top three indices of the US Stock Exchange are the S&P 500, Nasdaq and Dow Jones.
Q2. What happened to Wall Street’s ‘Magnificent Seven’ stocks?
A2. Wall Street’s biggest hedge funds cut their exposure to “Magnificent Seven” stocks, including Nvidia, Amazon, Alphabet and Meta, in the third quarter while taking new positions in application software, e-commerce and payments companies, according to regulatory filings Friday.
