US Equities Weekly Rundown

US equities faced a volatile week, characterized by significant net selling in Information Technology and record levels of activity in levered ETFs. Hedge funds reduced gross leverage to one-year lows as investor focus shifts from AI mega-caps toward healthcare and thematic opportunities.

Key Takeaways

• 1.US Hedge Funds net sold equities for a second consecutive week, with Information Technology experiencing its largest net selling in over 10 years.
• 2.Leveraged ETF volumes hit record levels, with US-listed levered ETF trading volumes running 50% above the 2025 pace.
• 3.Sector sentiment is shifting as AI-focused trading faces headwinds, with Healthcare and M&A themes gaining attention.

Table of Contents

• Positioning, Flows, and Observations Across the Floor
• Portfolio Manager's Summary
• What We Are Reading and Listening to This Week
• Prime Services
• US Shares Sales Trading
• Futures Sales Trading and Strategies
• Derivatives Sales Trading
• ETF Trading
• Thematic Baskets and Macro Observations
• Sector Specialists Highlights
• Disclaimers

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