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Home Real Estate

Tech stocks see biggest weekly outflow on record, BofA says

by Riah Marton
in Real Estate
Tech stocks see biggest weekly outflow on record, BofA says
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INVESTORS dumped technology stocks at the fastest rate on record and continued to pour money into investment grade bonds and cash equivalents in the week to Wednesday (Mar 6), Bank of America said on Friday, citing data from EPFR.

Tech stocks saw US$4.4 billion of outflows in the latest week, their “largest outflow ever” and the first outflow in nine weeks, BofA said in its weekly roundup of fund flows in and out of world markets, without specifying how far back its figures went.

The data covers the week to Wednesday, when US tech stocks fell sharply. That included Apple, whose shares finished 2.8 per cent lower after a research report showed iPhone sales in China fell 24 per cent year on year in the first six weeks of 2024.

Tech shares have since rebounded somewhat and the S&P 500 hit another closing high on Thursday. Its large gains in recent months have been mainly led by large technology companies.

There were US$32 billion of flows into cash and US$13.3 billion into investment grade bonds, the largest inflow since September 2020, BofA said.

Cash equivalent money market funds have seen significant inflows over the past year because of high yields on the very short-term government debt they hold.

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“US$6 trillion to US$7 trillion in money market funds and all of it getting 5 per cent in interest … maybe that’s what’s giving everyone the confidence to go speculate,” BofA said.

Tech aside, equities saw the seventh straight week of inflows, with investors adding US$6.9 billion. Real estate stocks stood out with inflows of US$1.2 billion, the most in two years.

Crypto funds registered inflows of US$1.9 billion in the week. Bitcoin, the world’s largest crypto currency by market value, hit a record high of US$69,202 on Tuesday, before retreating. REUTERS



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Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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