Hedge funds sold broader tech ahead of SpaceX IPO, JPMorgan data shows

Big tech stocks saw significant selling by hedge funds. Some investors bought dips in these companies. Financial sector exchange-traded funds experienced strong buying interest. This activity occurred just before the highly anticipated initial public offering of Elon Musk's SpaceX. SpaceX's listing aimed for a massive valuation, potentially becoming a top U.S. company by market value.