BofA clients post biggest equity inflows in nearly 2 years
Corrects headlines to 2 years from 4 years
Nasdaq up ~0.5%, S&P 500 up ~0.2%, Dow up 0.07%
Materials lead S&P 500 sector gainers; Financials weakest group
Dollar down; bitcoin edges up; gold up <1%; crude rises >1%
U.S. 10-Year Treasury yield edges up to ~3.75%
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BOFA CLIENTS POST BIGGEST EQUITY INFLOWS IN NEARLY 2 YEARS
Clients were large net buyers 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 rallied 1.4%, for its a second straight week of gains, client net buying came in at +$6.9B, which was the biggest equity inflow since October 2022. It was also the third largest in BofA's data history.
"Clients bought single stocks and ETFs with record inflows in the former. All sizes saw inflows (large/small/mid caps)," writes Hall in her note.
Hall adds that institutional clients led the buying with their first inflows in five weeks and their biggest inflows since November 2022. Hedge funds were also buyers for a third straight week. Private clients were net sellers for a second week in a row.
In terms of the 11 GICS sectors, she says clients bought stocks across 8 of the 11, led by tech, consumer discretionary and utilities.
Hall says that consumer discretionary could benefit from less rate pressure, and saw the second-largest inflows in BofA's data history last week.
Meanwhile, she says utilities saw the largest weekly inflow in BofA's data history since 2008. Hall notes that BofA recently upgraded utilities and favors income and quality with a backdrop of Fed cuts coupled with continued market volatility.
Financials, real estate and energy saw outflows.
Regarding ETFs, Hall says clients bought ETFs across size segments (large/mid/small/broad market) and across blend/growth, but they offloaded value ETFs for the first week since March.
Clients bought ETFs in six of the 11 sectors. However, unlike in single stocks, financial ETFs saw the largest inflows. Real estate ETFs saw the largest outflows.
(Terence Gabriel)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
2024 HAS BEEN GOOD TO THE S&P 500 ALREADY, BUT LOOK FOR MORE - CLICK HERE
YIELD INCREASES NORMAL AFTER RATE CUT, MAY LAST SHORT-TERM - CLICK HERE
TUESDAY'S DATA: CONSUMER FUNK GIVES FED CUT SOME CRED - CLICK HERE
U.S. INDEXES OPEN SLIGHTLY HIGHER, LOSE SOME GROUND AFTER DATA - CLICK HERE
BENCHMARK TREASURY YIELD PERKS UP, AWAITS PCE - CLICK HERE
ANOTHER CUT TO LUXURY EARNING - CLICK HERE
MORE LOVE FOR US SMALL CAPS - CLICK HERE
CHINA POP FOR MINERS, LUXURY AND AUTOS - CLICK HERE
DAX FUTURES HIT RECORD HIGH - CLICK HERE
NO BAZOOKA, BUT CHINA'S LATEST STIMULUS IS A RELIEF - CLICK HERE
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