Big-money investors have dumped stocks for 4 straight weeks, even as major indexes hover near record highs
US stockshave hit record highs in the past weeks as stimulus efforts have boosted economic-growth expectations.
Bank of Americarevealed in a recent note that clients have dumped large amounts of money in the last weeks.
- Only two sectors saw inflows: industrials and materials.
Yet Bank of America revealed in a recent note that its institutional clients have been net sellers of shares over the past four weeks.Communication-services stocks have been at the center of the trend, seeing several weeks of near-record outflows from all
Meanwhile, private clients were buyers for the sixth week, though inflows have recently decelerated.Buybacks by corporate clients have also slowed. The bank did note that the resurgence in buybacks in the first quarter could imply a new record for S&P 500 gross buybacks in 2021.
As for exchange-traded funds, the bank saw big buyers of equity ETFs year-to-date, especially broad market ETFs, which have seen inflows slow down every week for a month.Growth ETFs saw outflows for the first time in four weeks.
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