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  4. The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA
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The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA

By Senad Karaahmetovic Bank of America (NYSE:BAC) clients were small net sellers of U.S. stocks last week when the S&P 500 closed 1.2% in the red. All three major client groups -...
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The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA © Reuters. The Tide is Turning? Investors are Selling Cyclicals and Buying Defensives - BofA

By Senad Karaahmetovic

Bank of America (NYSE:BAC) clients were small net sellers of U.S. stocks last week when the S&P 500 closed 1.2% in the red. All three major client groups - hedge funds, institutional and retail clients, were net sellers with total outflows registered at -$0.4 billion.

This marks the first week of selling after seven consecutive weeks of net buying. Selling was led by institutional clients while private clients were sellers for the second consecutive week.

“Clients bought stocks in six of the 11 sectors, led by Tech and Health Care. Four week avg. inflows into Tech are now the highest in our data history (since ’08), or the largest since March’21 as a % of sector market cap,” a Bank of America strategist wrote in a client note.

The data also showed that investors are becoming pickier and pickier as they bought single stocks but sold ETFs.

“Overall, we have seen a trend of accelerating single stock inflows vs. slowing ETF inflows since early this year,” the strategist added.

Interestingly, corporate buybacks accelerated to their highest weekly level since early January.

Broken down by sectors, Consumer Discretionary, Communication Services, and Energy witnessed the largest outflows. Cyclicals were also sold while investors shifted towards defensive sectors. Whether this is the beginning of a new trend still remains to be seen.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

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Moving Avg:

Buy (12)

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Indicators:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

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Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

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Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

-0.0105 (-0.23%)

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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Natural Gas Futures

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Indicators:

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Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

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Moving Avg:

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IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

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Indicators:

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Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

Summary

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Bayer AG NA

27.35

-0.24 (-0.87%)

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Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

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Moving Avg:

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Adidas AG

226.40

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Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

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Siemens AG Class N

175.90

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Deutsche Bank AG

15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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