© Reuters. Tech sector continues to lead strong inflows in US stocks, BofA’s data shows
Last week, Bank of America clients were net buyers of U.S. equities, totaling $2.6 billion, with inflows observed in both single stocks and ETFs.
Institutional and retail clients were net buyers, while hedge fund clients continued to be net sellers for a second consecutive week.
In terms of sectors, the bank’s clients sold six out of the 11 GICS sectors, with Health Care experiencing outflows for three consecutive weeks.
On the other hand, Communication Services and Technology led inflows for the third consecutive week, with Technology seeing its largest inflows since May.
Cyclicals and defensives saw outflows, aligning with a more positive outlook on cyclicals in BofA’s ‘Year Ahead’ report.
Corporate buybacks decelerated but remained above seasonal levels for the third consecutive week.
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