INTEL: Bank of America clients sell a net $18.5 billion of US stocks in two weeks

Bank of America clients sold a net $3.5 billion of US equities last week, following $15 billion of net selling the week before, Bloomberg reported. That adds up to $18.5 billion of outflows over two weeks.

According to BofA analysts Jill Carey Hall and Trey Brown, retail investors led the selling.

Communication services and industrials

Communication services recorded its largest weekly outflow since BofA began tracking the data in 2018. The sector includes Meta (META).

Industrials also saw heavy selling. The sector has now had outflows for 13 consecutive weeks, according to the analysts.

The figures cover Bank of America clients only, so they reflect that client base and not the whole US market. The source material does not give the size of outflows for individual sectors beyond the record in communication services, and it does not say what drove the selling.