BOFA: INVESTORS KEEP SELLING INTO S&P 500 RALLY Bank of America says clients continued to net sell U.S. equities even as the S&P 500 rose 0.5%, showing weak conviction in the rebound. Key flows: 🔸 $3.9B out of single stocks (6th straight week of outflows) 🔸 Partly offset by $1.4B ETF inflows (5th week of buying ETFs) 🔸 Institutional clients led selling; private clients returned to buying 🔸 Hedge funds bought for a 3rd straight week Sector trends were mostly negative: 🔸 Selling in 9 of 11 sectors 🔸 Health care saw the heaviest outflows (worst since Dec 2024) 🔸 Energy outflows extended to 8 weeks (ETFs still seeing inflows) 🔸 Tech saw inflows ahead of earnings after recent outflows Buybacks also slowed, remaining below long-term averages, with weakness in tech offset by stronger activity in financials and energy.(*Walter Bloomberg)