Last week, as the S&P 500 closed at a historic peak, clients of Bank of America withdrew from U.S. equities.

According to a report from Bank of America Securities strategist Jill Carey Hall, retail traders were net sellers for the sixth consecutive week, marking the longest net selling streak since February 2024.

Overall, the selling was primarily driven by institutional clients, who sold stocks in four out of the past five weeks.

Clients sold stocks in the majority of the S&P 500's 11 sectors, with the technology sector seeing the largest volume of sales.

Outflows from financial stocks slowed after previously experiencing a record sell-off.

Clients sold both large-cap and small-cap stocks but purchased mid-cap stocks.

During the initial weeks of the earnings season, corporate stock buybacks as a percentage of market capitalization were also below average.