Amid last week's big gains, BofA clients were small net sellers
Main U.S. indexes edge down ahead of FOMC decision
S&P 500 sectors mostly red, but changes modest
Euro STOXX 600 index off ~0.5%
Dollar ~flat; gold edges up; crude dips; bitcoin off ~1%
U.S. 10-Year Treasury yield rises to ~3.69%
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AMID LAST WEEK'S BIG GAINS, BOFA CLIENTS WERE SMALL NET SELLERS
Clients were small net 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 jumped just over 4%, which was its biggest weekly rise since November 2023, client net flows came in at -$0.3B.
"Excluding untagged flows (uncategorized sector/client group/size segment), clients were net buyers of single stocks and of equity ETFs. Small & mid caps saw outflows while large caps saw inflows," writes Hall in her note.
Hall adds that similar to the prior week, retail and institutional clients were net sellers. In fact, retail posted its largest net sales since Nov'23. Hedge fund clients were small net buyers for the second straight week.
Meanwhile, corporate client buybacks ramped to their highest weekly level since late June. In fact, she says trailing 52-week buybacks as a percentage of S&P 500 market cap have hit a record high (above 2019 levels).
In terms of the 11 GICS sectors, she says clients bought in six sectors, led by tech and communication services. And at 24 weeks, communication services continues to have the longest buying streak.
Industrials and real estate topped outflows.
Regarding ETFs, Hall says clients snapped up ETFs across the major styles (growth/value/blend), with value having the longest buying streak for the last 26 weeks, and bought large/small cap ETFs while selling mid cap/broad market ETFs.
She adds that clients sold ETFs across six of the 11 sectors with industrial ETFs seeing the largest outflows. Tech ETFs saw the largest inflows.
(Terence Gabriel)
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