LIVE MARKETS-BofA institutional clients increase selling
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BOFA INSTITUTIONAL CLIENTS INCREASE SELLING
BofA Securities clients sold equities for a second straight week last week, with single stocks showing their biggest outflows in six weeks of $4.9 billion, according to equity and quant strategist Jill Carey Hall, while the S&P 500 .SPX was en route to a decline of 0.6%.
ETFs saw inflows of $1.3 billion and have seen an inflow every week since mid-October.
Hall said hedge funds were the biggest net sellers last week based on the combined stock and ETF flows while institutional clients were net buyers for a fourth straight week, while "private clients have been selling since early November after buying most of the year."
On a sector basis, Hall said clients sold stocks across eight of the 11 S&P sectors, led by communication services .SPLRCL, which saw outflows for the fifth time in six weeks. Consumer Discretionary .SPLRCD saw the biggest weekly outflow since March 2022, after seeing similar selling in the prior week.
Financials .SPSY and materials .SPLRCM have both seen outflows for five straight weeks, the longest streak among sectors.
Tech .SPLRCT saw the biggest inflows last week, according to Hall, after outflows in seven of the prior eight weeks.
On the ETF front, Hall said clients bought value and blend ETFs but sold growth for the second time in four weeks while ETFs across all size segments bought saw inflows.
(Chuck Mikolajczak)
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