XLI - BofA clients were net buyers of U.S. equities for the first week in three
2023-08-08 09:43:29 ET
According to data provided by Bank of America, investors were modest buyers of the dip last week, when the S&P 500 ( SP500 ) declined by 2.3% -- its worse week since March. The bank's global research team revealed Tuesday that its clients were net buyers of both single stocks and exchange traded funds last week, the first accumulation in the past three weeks.
In total, BofA said that investors were net buyers of U.S. equities for a total of $4M. This followed a couple of weeks selling. Buying activity was primarily seen through retail clients.
Elsewhere, institutional clients were the biggest sellers along with hedge funds. These groups have sold equities now for three straight weeks.
From a single stock perspective, BofA clients were overall buyers of stocks in five of the 11 S&P sectors, which were led by Info Tech. At the other end of the spectrum, Industrials led all stock outflows and have now seen the longest recent selling streak of any sector (eight weeks).
Looking at exchange traded funds, the group noticed inflows across growth and value funds. From a sector vantage point, financials-based exchange traded funds ( XLF ) ( VFH ) saw the most significant amount of capital outflows among any other sector. Meanwhile, Energy ( XLE ) ( VDE ) and Industrial ( XLI ) ( VIS ) funds experienced the largest influx of cash.
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BofA clients were net buyers of U.S. equities for the first week in three