US Equities Color: Painful

US equities saw a painful sell-off led by Software (-4.8%) amid AI ecosystem anxiety and geopolitical tensions, prompting heavy Hedge Fund selling and rotation into cyclicals.

Key Takeaways

• 1.Violent sell-off in Software (-4.8%) and TMT sectors driven by OpenAI ecosystem anxiety and Anthropic's new agentic capabilities.
• 2.Hedge Funds were heavy net sellers (-$2b), marking the highest sell skew since September 1st and ranking in the 97th percentile.
• 3.Investors are rotating out of Tech/Software into Materials, Energy, Industrials, Utilities, and Staples seeking 'cleaner' narratives.

Table of Contents

• POST BELL
• DERIVS
• Notice to Australian Investors
• Additional Disclaimers
• Notice to Brazilian Investors
• Notice to Investors in the European Economic Area
• Notice to Investors in Korea
• Notice to Investors in Japan
• Notice to Investors in New Zealand
• Notice to Investors in Switzerland

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