[Bank of America: Hedge Funds Record Largest Sell-Off of U.S. Stocks Last Week] According to a report by Golden Finance, on May 21, Bank of America stated that its clients sold U.S. stocks last week, with record-breaking outflows from hedge funds being the primary driving factor. Hedge funds also saw record outflows in technology stocks, primarily concentrated in large-cap stocks, Bank of America strategist Jill Carey Hall wrote in a report dated May 19. Overall, five out of the 11 industry sectors experienced outflows, with the communication services and industrial sectors trailing only the technology sector in terms of outflow volume. Financial stocks saw the largest inflows, followed by utility stocks. She noted that institutional clients have been net buyers of stocks for three consecutive weeks, while retail clients, after selling last week, have turned back to buying.