Main U.S. indexes green; Nasdaq out front, up ~1.4%
S&P 500 hits record intraday high
Dollar ~flat; gold gains; crude dips; bitcoin down >2%
U.S. 10-Year Treasury yield rises to ~4.61%
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BOFA CLIENTS' NET BUYING STREAK EXTENDS TO 11 WEEKS
BofA Securities equity and quant strategist Jill Carey Hall says that last week, with the S&P 500 index .SPX jumping about 3%, clients were net buyers of U.S. equities for an 11th-straight week (+$1.2b).
"Private clients were the sole net buyers (besides corporates), buying equities for a 6th straight week, with MTD inflows as a % of mkt. cap already larger than the typical full month of Jan (6.4x larger)," writes Hall in a note.
She adds "Institutional & hedge fund clients typically sell US equities in Jan.; last week, hedge funds were sellers for a seventh straight week and institutional clients were net sellers after buying the prior week."
Hall says that corporate client buybacks accelerated, suggesting management does not believe stocks are too expensive even amidst the current rate backdrop.
Hall says clients bought in seven of the 11 GICS sectors, led by healthcare and communication services. In fact, healthcare stocks saw their largest weekly inflow in BofA's data history since 2008.
Tech, Staples, industrials and real estate saw outflows.
As for ETFs, Hall noted clients sold growth/blend ETFs and large/small/mid/broad market ETFs. Value ETFs, however, saw inflows.
Most sector ETFs saw inflows, led by discretionary and staples. And despite the record inflow into healthcare stocks, healthcare ETFs saw their largest weekly outflow in BofA's data history since 2017.
(Terence Gabriel)
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