Hedge Funds Step Up Purchases of Tech Stocks, Goldman Sachs Says [BNN Bloomberg (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
Last goldman sachs group, inc. (the) earnings: 4/15 07:30 am
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Source: BNN Bloomberg
Technology stocks saw the largest net buying since December 2022 last week by the group, driven by an increase in long positions and short-covering, data compiled by Goldman Sachs Group Inc.'s prime brokerage show. Hedge funds were net buyers of the sector for a fourth straight week, defying weakness in the S&P 500 Information Technology Index, which has been sliding for most of April amid concern the Federal Reserve will keep interest rates higher for longer. Their buying looked prescient last week, when upbeat earnings from Google parent Alphabet Inc. and Microsoft Corp. boosted investor optimism in the sector's fundamentals. “The long-term potential for technology is quite clear and almost unarguable,” said Seema Shah, chief global strategist at Principal Asset Management. “Yet, with valuations so extended, many investors have been averse to adding exposure of late. The recent pullback has provided a small sigh of relief for valuations, giving the opportunity to gain exposure
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