BofA Clients Net Sell $18.5 Billion of US Stocks Over Two Weeks
Summary
- Bank of America clients were reported to have net sold $18.5 billion of U.S. stocks over the past two weeks.
- Outflows from U.S. stocks continued over the past two weeks, with retail investors leading the latest wave of selling.
- Large outflows were recorded in the communication services and industrial sectors, while industrials posted net outflows for a 13th straight week.
Forecast Trend Report by Period
Bank of America clients were net sellers of $18.5 billion of U.S. stocks over the past two weeks, with retail investors leading the selling, Walter Bloomberg reported on Oct. 28.
Clients posted net sales of $3.5 billion last week, following $15 billion in net selling the previous week. That marked a second straight week of outflows from U.S. equities.
Bank of America analysts Jill Carey Hall and Trey Brown said retail investors drove the latest wave of stock selling.
By sector, communication services saw the largest weekly outflow since Bank of America began tracking the category in 2018. The sector includes companies such as Meta.
Selling also continued in industrials, which recorded a 13th consecutive week of net outflows.
JH Kim
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