U.S. Stock Market futures are showing a small drop in their top indices. The S&P 500 futures fell by 0.1%, and the Nasdaq 100 futures also slipped by 0.1%. On Friday, the S&P 500 closed at 6,734.11, down by 3.38 points. The Dow Jones Industrial Average fell sharply by 309.74 points to 47,147.48. Interestingly, the Nasdaq composite gained 30.23 points to close at 22,900.59. Big moves are happening behind the scenes! Wall Street's largest hedge funds have reduced their exposure to the famous "Magnificent Seven" stocks, which include powerhouses like Nvidia, Amazon, Alphabet, and Meta. According to regulatory filings released on Friday, these funds are now putting their money into application software, e-commerce, and payment companies instead. This change happened during the quarter ending September 30. Hedge funds are also pulling back from major players in healthcare and energy sectors. This is quite a shift from the previous quarter, when many top stock-picker funds were very bullish on Big Tech names, riding high on a boom in artificial intelligence valuations. But those sky-high valuations have started to cool off. Despite these changes, the markets had a good run in the third quarter. The S&P 500 rose by nearly 8%, and the tech-focused Nasdaq 100 climbed about 9%. Some specific hedge funds made big moves. Lone Pine Capital and Tiger Global cut their stakes in Meta Platforms (Facebook's parent company) by 34.8% and 62.6%, respectively. Bridgewater and Coatue also reduced their investments in Nvidia. The big question now: Will this shift away from the "Magnificent Seven" continue? Investors are watching closely as funds embrace fresh opportunities in software and digital payments, signaling a new wave of market excitement.