The bank’s clients became “net buyers” for the first time in five weeks. According to the Wall Street giant, investors brought in nearly $6 billion, which is the tenth largest inflow since 2008.
Bank of America (NYSE) reported that its clients took advantage of the market crash to buy shares. Last week, the bank’s clients became “net buyers” for the first time in five weeks, with inflows totaling $5.8 billion. According to BofA analysts, this figure represents the tenth largest inflow since 2008.
In terms of sectors, technology and communication services were the standouts in terms of inflows, reflecting a general trend for the year. Communication services continued their long buying streak, reaching 19 consecutive weeks, while the technology sector registered inflows for the first time in four weeks.
In general, sSeven of the 11 sectors experienced inflows. The financial sector stood out for registering the highest buying activity since April, second only to the Technology, Media and Telecommunications (TMT) sector. On the other hand, sales were observed in the energy, consumer staples, real estate and utilities sectors. In particular, the energy sector has had three consecutive weeks of sales, while the industrial sector, which had experienced sales for four weeks, saw its largest inflows since March.
BofA on ETFs
In the exchange-traded fund (ETF) market, technology funds attracted the largest inflows, while healthcare ETFs saw the most significant selling.
In its report on Tuesday, Bank of America detailed that the bank’s clients opted for individual stocks and equity exchange-traded funds (ETFs), showing a notable preference for individual stocks.Large-, mid-, and small-cap stocks received inflows, extending a streak of three weeks for large-caps and two weeks for mid- and small-caps.
markets wall street stock exchanges usa
Reuters
Institutional clients were also net buyers for the first time in five weeks, while hedge funds and Private clients acted as net sellers.
Corporate buybacks continued to be strong and accelerated last week, remaining above typical seasonal levels relative to S&P 500 market capitalization for the past 22 consecutive weeks.
Looking ahead, strategists warn that client flows tend to slow in the fall and anticipate that stock market volatility could persist, especially with the upcoming U.S. election.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
