Hedge funds sold tech stocks, bought European markets

Global hedge funds sold long positions and exited short bets on technology stocks at the fastest pace in seven months, according to Goldman Sachs. Traders dropped positions on semi-conductor and communications equipment makers, as well as software companies, as S&P 500 stock valuations reached a two-month high. Hedge funds were net sellers of global stocks, particularly in North American and emerging Asian markets, while being net buyers of Europe and developed markets in Asia. U.S. consumer staples and consumer discretionary stocks saw significant selling, while financial, industrial, and health care companies were mostly bought.