Bank of America: Investors Withdraw from US Stocks for Second Consecutive Week

Odaily reports: According to Bank of America's analysis, investors net sold US stocks for the second consecutive week last week, with the communication services sector seeing the largest capital outflows. The bank's clients withdrew $3.5 billion from the US stock market last week, following outflows of $15 billion the week before, as the selling momentum continued.

Bank of America analysts Jill Carey Hall and Trae Brown stated that retail investors were the main driving force behind the selloff. The analysts noted that the communication services sector—which includes telecom companies as well as media and tech firms like Meta—recorded its largest weekly outflow since records began in 2018. Industrials saw the second-largest outflows and have now posted net outflows for 13 consecutive weeks.