Investors Sell Tech As Growth Story Unwinds

BoA’s clients are moving to sell tech as the growth story unwinds.

After a brief period in which investors sold equities, Bank of America’s private and institutional clients, who have been selling stocks for the past two weeks, led buying in the week to 5 July as for the first time in four weeks, the bank’s clients became net buyers of US equities.

According to Bank of America’s weekly Equity Client Flow Trends report, in the final week of the second quarter clients were net buyers of equities overall, pumping $1.4 billion into the market. As per usual, ETFs were the largest beneficiaries of the flows. Single stocks continue to be sold. Pension fund clients were net buyers of US stocks for...