Instituições vendem, varejistas absorvem! BofA: clientes institucionais vendem ações de tecnologia, tornando-se vendedores líquidos por quatro semanas consecutivas no mercado de ações dos EUA.

Bank of America Securities strategist Jill Carey Hall pointed out in her latest report that her clients have been "net sellers" of U.S. stocks for the fourth consecutive week, with selling concentrated in tech stocks, and institutional investors being the main driver of this reduction.

Citing client data for the week ending June 26, Hall said the bank's clients sold shares in nine of the 11 sectors of the S&P 500 last week, with technology and financial sectors bearing the brunt.

The four-week average net capital inflow into the technology sector has fallen to an all-time low. The consumer staples sector has recorded net capital outflows for seven consecutive weeks, the longest streak on record.

Individual stocks saw outflows of $9.9 billion, the fourth-largest outflow since records began in 2008. In contrast, small-cap and micro-cap stocks recorded record inflows, while stock ETFs saw inflows of $4.2 billion.

Institutions lead the selling, hedge funds and retail investors become net buyers, corporate buybacks slow down

From a client structure perspective, this round of selling was mainly driven by institutional clients, who have been net sellers of U.S. stocks for four consecutive weeks, with the outflow in the previous week reaching a record high.

Unlike the ongoing reduction by institutional clients, hedge funds were net buyers during this period. Retail investors also changed their stance, becoming net buyers for the first time in six weeks, indicating a divergence among different types of investors in the current market environment.

In terms of corporate behavior, Bank of America data shows that corporate clients' buyback activity has slowed for the fifth consecutive week, falling to the lowest level since February this year. The continued weakening of buyback intensity echoes the overall cautious sentiment of institutional clients reducing their holdings in tech and financial stocks.

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