Goldman Sachs says institutions sold record $21.6 billion of Nasdaq futures
The week ending August 4 marked the largest weekly sale on record as hedge funds, asset managers and other institutional investors cut exposure to U.S. tech equities, with short sales dominating.
Institutional investors sharply reduced exposure to U.S. technology stocks in the week ending August 4, selling $21.6 billion of Nasdaq futures in the largest weekly sale on record, Goldman Sachs said. The selling came from hedge funds, asset managers and other institutional investors, signaling a broad retreat from the sector through futures contracts tied to the Nasdaq. Short sales accounted for 72% of total selling, indicating that much of the activity was positioned for further downside rather than simply trimming existing holdings. Hedge funds sold $11.9 billion and asset managers sold $7.4 billion. Combined net institutional positioning in Nasdaq futures fell to negative $5 billion, the first negative reading since May 2025, after reaching as high as $54 billion in October 2025, suggesting investors are using market strength to sell.
- Nasdaq futures: Derivatives contracts linked to the Nasdaq that investors use to gain or reduce exposure to technology-heavy U.S. equities.
- Short sales: Trades designed to profit from a decline in an asset's price.
- Net positioning: The balance between bullish and bearish holdings, showing whether investors are overall long or short.