U.S. equities saw the largest net selling in eight weeks.
Seven of 11 sectors were net sold, led by staples (NYSEARCA:XLP), communication services (XLC), consumer discretionary (XLY), and information technology (XLK), according to Goldman Sachs’ U.S. Equity Weekly Rundown report, published on Friday.
Conversely, health care (XLV), materials (XLB), and energy (XLE) were the sectors most net bought.
Staples (XLP), as the most sold sector, saw the largest net selling since April 2020.
In addition, most of its subsectors were net sold, including staples distribution and retail, and household products.
“Hedge funds have net sold U.S. staples in five of the last five weeks – sector long/short ratio ended the week at 1.19 standard deviations (or SDs), compared to a year-to-date peak of 1.58 SDs in early Sep, in the 36th percentile vs. the past year,” the report said.