Bank of America Securities clients were net buyers of U.S. stocks for a fifth straight week, by adding roughly $4 billion!
Diversifying across most sectors, apart from real estate and industrial’s.
Tweet on Bofa spending spree on stocks
Bank of America Clients Keep Buying Stocks Despite Recession Fears!
Bank of America Securities clients were net buyers of U.S. stocks for a fifth straight week, adding over $4 billion across most sectors apart from real estate & industrials, according to @WSJ pic.twitter.com/VHqSXQtfT9
— The_Journalbiz (@the_journalbiz) August 2, 2022
BofA clients favored cyclical sectors, such as technology and communication services, rather than defensive, despite worries over Fed tightening and recession risks, the bank noted.
- Nearly the entire $4 billion flowed into large-cap stocks!
meaning mega-cap names like Alphabet, Amazon and Apple were likely the beneficiaries of last week’s flows.
Still, hedge funds and institutional money managers remain net sellers of equities in 2022, according to BofA, as retail investors and corporate buybacks have been responsible for this year’s inflows.