BofA clients keep up their post-election buying spree
Nasdaq up 0.2%; S&P 500 ~flat; Dow slips slightly
Industrials weakest S&P sector; Comm Svcs up most
Dollar dips; gold, bitcoin up; crude up almost 3%
U.S. 10-Year Treasury yield edges up to ~4.20%
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BOFA CLIENTS KEEP UP THEIR POST-ELECTION BUYING SPREE
Clients bought U.S. equities last week for a fourth-straight 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 rallied 1.1%, net buying of U.S. equities was +$0.8B.
Similar to the prior week, clients bought added both stocks and ETFs, but flows were entirely in large caps last week.
"Private and hedge fund clients were buyers for the first time in two weeks and second consecutive week, respectively, while institutional clients were sellers after buying the week before," writes Hall.
The pace of corporate client buybacks has slowed. However, year-to-date, corporate client buybacks as a percentage of market cap are on pace for a record high.
Hall added that flows into cyclical sectors as a group were more positive than flows into defensive groups for the first week since August.
Clients bought stocks in six of the 11 GICS sectors, led by tech, communication services, industrials and utilities.
Healthcare and staples saw the largest outflows, followed by real estate (which, at three weeks, has the longest recent selling streak).
Regarding ETFs, Hall says clients snapped up ETFs across all size segments plus blend/value, but they sold growth.
Clients bought ETFs across most sectors, led by consumer discretionary, utilities and healthcare.
Tech ETFs posted the biggest outflows.
(Terence Gabriel)
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