U.S. Stock market futures are witnessing a slight dip in both of its top indexes. S&P 500 futures fell 0.1 per cent and Nasdaq 100 futures were down 0.1 per cent. On Friday, the S&P 500 fell 3.38 points to 6,734.11. The Dow Jones Industrial Average dropped 309.74 to 47,147.48, and the Nasdaq composite rose 30.23 to 22,900.59.
Wall Street’s largest hedge funds reduced 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 on Friday.
During the quarter ended September 30, several funds also reduced their exposure to prominent names in healthcare and energy. The latest positions marked a shift from the second quarter when several leading stock-picking firms were much more bullish on Big Tech names after witnessing a boom in artificial intelligence valuations. Since then, those lofty valuations have started to descend.
Markets were broadly up during the third quarter, with the S&P 500 rising by nearly 8%. The tech-heavy Nasdaq 100 index rose about 9% during the quarter.
Lone Pine Capital and Tiger Global cut their stakes in Facebook parent Meta Platforms by 34.8% and 62.6% respectively, while Bridgewater and Coatue were among the funds that reduced their exposure to Nvidia.
FAQs
Q1. Which are top three indexes of U.S Stock Market?
A1. Top three indexes of U.S Stock market are S&P 500, Nasdaq, Dow Jones.
Q2. What has happened to Wall Street’s ‘Magnificent Seven’ stocks?
A2. Wall Street’s largest hedge funds reduced 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 on Friday.