What’s happening on Wall Street hasn’t happened in a decade — hedge funds are dumping their tech stocks at a record rate. 

Surging bond yields have prompted hedge funds to sell growth-focused technology shares at a speed not seen in the last 10 years, and they’re distribution dumping on smaller retailer buyers.

The hedge fund community dumped tech stocks in the four sessions between Dec. 30 and Jan. 4 as interest rates jumped, CNBC reported. The four-session tech dumping was the biggest sale in dollar terms in more than 10 years.

A retail investor is an individual and a non-professional investor who buys and sells securities or funds that contain a basket of securities such as mutual funds and exchange-traded funds, according to Investopedia. Typically, a distribution refers to the disbursement of assets from a fund, account, or individual security to an investor.

“After retail induced strength over Xmas in an illiquid tape some big funds put their finger on the sell button all day. Look at the leading names, WTC, COH CSL, XRO. What’s that they say about following money flow which is what moves the market. Classic distribution behaviour,” tweeted Assad Tannous (@AsennaWealth). Tannous is the founder and senior trader at Melbourne, Australia-based Asenna Wealth Solutions, a boutique investment firm.

WTC is WiseTech Global, a software solutions company; COH is medical device company Cochlear Limited; CSL Behring is a leading global biotech company and XRO is Xero Limited, a provider of online accounting software for small businesses.

After retail induced strength over Xmas in an illiquid tape some big funds put their finger on the sell button all day. Look at the leading names, WTC, COH CSL, XRO. What's that they say about following money flow which is what moves the market. Classic distribution behaviour.

— Assad Tannous (@AsennaWealth) January 6, 2022

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Investors weren’t happy about the hedge fund tech dump. On Jan. 5, the Dow Jones Industrial Average broke a two-day streak of record-high closes to end down 1.1 percent and the S&P 500 experienced a 1.9 percent drop on the session, Market Watch reported.

Photo: Trader Aaron Ford works on the floor of the New York Stock Exchange, Nov. 2, 2021. (AP Photo/Richard Drew)