Bank of America institutional clients sold U.S. stocks for the first time in three weeks
2024-08-27 19:40:59
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Bank of America clients pulled $4.60 billion from US stocks last week as companies slowed their share buybacks, ending a two-week buying spree. Quantitative strategists such as Jill Carey Hall wrote in a note to clients on Tuesday that all major customer groups, except corporations, were selling net, with institutional and hedge fund positions squaring in the previous week. Technology stocks suffered their first capital withdrawal in three weeks, with the largest outflow of funds among 11 industry categories. Meanwhile, communications services stocks attracted inflows for the 21st consecutive week.
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