In wake of big buying spree, BofA clients step back
U.S. equity indexes under pressure; Nasdaq off >1.5%
Tech down most among S&P sector; Energy leads gainers
Euro STOXX 600 index off ~0.4%
Dollar gains; gold up ~1%; crude surges ~4%; bitcoin down >1.5%
U.S. 10-Year Treasury yield slides to ~3.72%
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IN WAKE OF BIG BUYING SPREE, BOFA CLIENTS STEP BACK
Clients were sellers of U.S. equities last week BofA Securities equity and quant strategist Jill Carey Hall says in her latest report on equity client flows.
According to Hall, in a week where the S&P 500 index .SPX rose just over 0.6%, and gained for a third straight week, BofA client net selling of U.S. equities came in at -$3.9B. This following a near-record buying in the prior week.
Clients sold single stocks, but snapped up ETFs. Mid and small caps had outflows while large caps saw inflows.
"All three major client groups were net sellers, led by institutional clients - who sold equities for the first time in two weeks while hedge funds sold for the first time in four weeks and private clients were sellers for the third consecutive week (largest weekly outflow since Nov '23)," writes Hall in her note.
She added that institutional client stock sales could pick up in the coming weeks ahead of the October 31 deadline for most mutual funds to realize capital gains.
In terms of the GICS sectors, she says clients sold stocks in seven of the 11 sectors, led by financials, staples, tech and healthcare. Communication services saw the biggest inflows, which is also the case YTD.
At six weeks, real estate has the longest recent selling streak.
Regarding ETFs, Hall says clients scooped up ETFs across all styles (blend/value/growth ETFs), and most size segments (large/small/broad market. Mid cap ETFs experienced outflows.
That said, only three of the 11 sectors saw ETF inflows including real estate, utilities and communication services. Consumer Discretionary ETFs saw the biggest outflows.
(Terence Gabriel)
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