Indexes gyrate on report Trump likely to fire Powell; Dow up, S&P 500 ~flat, Nasdaq red
Energy weakest S&P 500 sector; Healthcare leads gainers
Euro STOXX 600 index down ~0.5%
Dollar dips; crude off ~0.9%; gold up >0.5%; bitcoin up >2%
US 10-Year Treasury yield edges down to ~4.47%
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BOFA CLIENTS ARE NET SELLERS FOR A THIRD WEEK IN A ROW
BofA Securities equity and quant strategist Jill Carey Hall says that last week, with the S&P 500 index .SPX losing just 0.3%, clients were net sellers of U.S. equities for the third straight week (-$3.8 billion), with the rolling 4-week average outflows the largest since just before the 2024 election.
"Selling was driven by institutional clients who have sold in 9 of the last 10 weeks. Private clients were the largest buyers (and have been buyers in 29 of the last 31 weeks), while hedge funds were buyers for the first time in four weeks," writes Hall in her note.
Clients sold stocks in eight of the 11 GICS sectors after selling stocks across all sectors the week before. Outflows were largest in tech, staples, and healthcare.
Industrials and financials scored the largest inflows ahead of banks kicking off earnings this week. Overall, cyclical sectors experienced inflows, while defensives suffered outflows after cyclicals saw larger outflows the prior week.
As for ETFs, Hall says clients bought equity ETFs for a sixth straight week, with inflows across blend, value, growth segments. By size, inflows were mainly in large caps and broad market ETFs.
Mid Cap ETFs saw modest inflows, while small cap ETFs showed outflows.
Clients snapped up ETFs in six of the 11 sectors led by consumer discretionary and materials, while as was the case in single stocks, tech, healthcare and staples ETFs led outflows.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
THE RULE OF THREES: PPI, INDUSTRIAL PRODUCTION, MORTGAGES CLICK HERE
U.S. STOCKS SEARCH FOR DIRECTION IN EARLY TRADE CLICK HERE
EQUAL-WEIGHT S&P 500 HITS 22-YEAR LOW VS CAP-WEIGHTED BENCHMARK CLICK HERE
TIME TO LOOK AT EUROPE'S BEATEN-DOWN EXPORTERS? CLICK HERE
$1.30 AND BEYOND FOR THE EURO, SAY MORGAN STANLEY CLICK HERE
THE GREAT EURO ZONE EMPLOYMENT SPLIT IS GOOD FOR THE ECB CLICK HERE
"NOT THE MARKET TO MISS": UBS FLAGS FRAGILE BANK RALLY CLICK HERE
SOME BIG POST-RESULTS STOCK FALLS CLICK HERE
EUROPE BEFORE THE BELL: EARNINGS GET GOING CLICK HERE
MORNING BID EUROPE: TARIFF IMPRINT SPIED IN US CPI CLICK HERE
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