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The team led by Jill Carey Hall, a quantitative strategist at Bank of America, said on Tuesday thatBank of America clients sold more than $7 billion of U.S. stocks last week, the largest reduction since November 2020. Last week, institutional clients and hedge fund clients saw the most significant outflows. Retail investors were small net buyers.

Bank of America's institutional clients led the selling for a second straight week; hedge funds saw their first net outflow in three weeks; and retail clients became small-scale net buyers last week after selling in the previous week.

From an industry perspective,Financial stocks saw the largest outflows for the second week in a row, even though financial reports released by the entire industry showed better-than-expected profits.Technology stocks also saw large outflows, the first such outflows since May.The communications services sector continued to record inflows, with inflows ranking first among all sectors last week.

Buybacks by Bank of America clients accelerated last week, typical for this stage of earnings season, and continue to be above usual seasonal levels.

The latest data from Bank of America is consistent with the trend given by Goldman Sachs' brokerage business yesterday. Goldman Sachs said that hedge funds rushed to close their long and short positions in the week ending July 19, and the pace of hedge fund selling was the fastest since January 2021.

Last Friday, major U.S. stock indexes fell, with the VIX index hitting its highest level since late April. The Russell small-cap index fell for three consecutive days, and the chip index fell by more than 3%. For the whole week, U.S. stocks still had a rotation trend. The Dow Jones Industrial Average and small-cap stocks, which had performed relatively weakly in the previous period, rose cumulatively, while the Nasdaq stopped its six-week winning streak. The S&P 500 and Nasdaq had their worst single-week performance in three months.