Bank of America institutional clients continued to increase their holdings in technology stocks and social media concept stocks last week, while reducing their holdings in financial stocks

Institutional clients of Bank of America poured into the US stock market for the second consecutive week, with the largest increase in positions in technology stocks and social media concept stocks, with related stocks and ETFs receiving $1.3 billion in inflows last week.

Last week, these clients bought stocks from 7 out of the 11 sectors of the S&P 500 Index, with the information technology and communication services sectors receiving the largest inflows for the second consecutive week. Communication services continued to be the sector with the longest consecutive buying streak among all S&P sectors.

Utility stocks have shown strong performance in recent weeks, with an upward trend, marking the first cumulative inflow since 2020 for this sector since the beginning of the year.

Over the past seven weeks, Bank of America's clients have been net sellers of healthcare stocks, marking the longest selling streak among the 11 sectors. Looking at just last week, the financial sector saw the largest outflow of funds.

Last week, ETFs also saw widespread inflows, with healthcare ETFs receiving the largest inflows, while financial ETFs saw the largest outflows for the second consecutive week.

Last week, the buyback volume of Bank of America's clients was the third highest in the bank's weekly data records since 2010. Of the buybacks announced by S&P 500 companies this year, 65% came from the technology and communication services industries.

As of the end of last week, major indices such as the Nasdaq 100 and the S&P 500 have been on a two-week consecutive rise, also recording positive returns so far this week