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BofA: Clients trigger the fourth-largest equity exodus

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Bank of America Securities said its clients have been net sellers of U.S. stocks for the fifth consecutive week, amounting to a total of $5.7 billion. According to Bank of America, this represents the largest exodus since last July and the fourth largest outflow in the bank’s data history since 2008.

Institutional clients and hedge funds were the primary contributors to these sales, while retail clients appeared as net buyers after two weeks of selling. Institutional clients, in particular, turned into net sellers for the first time in three weeks, and hedge funds continued their selling streak for the third consecutive week. Bank of America stated that clients sold large and mid-cap stocks but showed some interest in small-cap stocks.

Technology led the sales, recording the second-largest outflow in Bank of America’s data history since 2008 and the largest since July 2023.

Conversely, the telecommunications services sector saw inflows for the ninth consecutive week, and consumer stocks experienced their first inflows in five weeks.

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