BofA Says Clients Bought US Stocks for Fourth Straight Week Despite S&P 500 Dip
Forecast Trend Report by Period
Bank of America said clients were net buyers of US stocks for a fourth straight week last week, even as the S&P 500 fell 0.6%, according to Walter Bloomberg on July 29.
Institutional investors led the buying. Their weekly net purchases were the largest since December 2020 and the second-largest since BofA began tracking the data in 2008. Individual investors also remained net buyers, while hedge funds were net sellers for a third consecutive week.
By sector, inflows were concentrated in technology, financials and industrials. Industrials posted a record net inflow after months of outflows. Communication services, energy and materials were relatively weak.
The pace of corporate share buybacks slowed somewhat during earnings season. Even so, the four-week average buyback volume remained 19% above the year-earlier level, helping support the stock market, BofA said.
