Global IT sector faces largest sell-off since 2016

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The global IT sector is experiencing its largest sell-off since 2016, with the Nasdaq 100 recording six consecutive down days. Goldman Sachs notes that risk-averse hedge funds have exited positions ahead of the Fed meeting. Arianna Contessa highlighted ongoing fund outflows, as value investing in crypto attracts increasing attention amid rising volatility.
ME AI messages show that over the past three trading days, the cumulative percentage of long liquidation in this sector has reached the highest level since 2016. On a positive note, Goldman Sachs noted that fundamental long-short hedge funds, which have been risk-averse on our trading desk since last week, completely halted their selling activity ahead of the Federal Reserve meeting. They’re not buying, but at least they’ve stopped selling. After close, Arianna Contessa of Goldman Sachs pointed out that the trading desk continues to see capitulation-style flows and price movements, with the Nasdaq 100 Index falling for six consecutive trading days—the longest such streak since November 2016. (Source: Wall Street Journal)
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