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BOFA CLIENTS RETURN TO US STOCKS AS ETF INFLOWS HIT RECORD

BofA Securities equity and quant strategist Jill Carey Hall says clients jumped back into U.S. equities last week after two weeks of selling, even as geopolitical uncertainty lingered. With the S&P 500 .SPX up around 0.9%, investors were net buyers overall, driven by record inflows into equity ETFs and renewed interest in individual stocks.

Equity ETF inflows hit a record $6.8 billion - the largest since data tracking began in 2017 - while single-stock inflows totaled $1.9 billion, marking the first weekly inflows since early March. Together, Hall says the moves point to solid equity optimism amid earnings season.

“Buying was driven by institutional clients following three weeks of selling,” Hall wrote in a note Wednesday. Private clients bought equities for a second straight week, while hedge funds extended their buying streak to a fourth.

Buying was broad-based across market caps, with large caps seeing inflows for the first time since early March.

Corporate buybacks picked up week-over-week but, as a share of market cap, remain below the post-financial-crisis average for this point in the year, as they have for much of 2026. Buybacks have slowed most in tech, while financials and energy have seen activity accelerate.

Clients bought stocks in eight of 11 sectors, led by communication services - its first inflows in four weeks - and staples. Energy stocks also saw inflows for the first time since late February.

That said, clients sold tech stocks despite the sector posting the strongest next‑12‑month earnings revisions. Discretionary and materials also saw outflows.

ETF inflows were concentrated in large-cap and blend products. While clients sold growth and value ETFs, they bought across all size segments. Sector-wise, ETFs saw inflows in six of 11 sectors, led by energy, while healthcare and tech ETFs posted the largest outflows.

(Terence Gabriel)

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