Live Markets-BofA clients flock to tech stocks

Main US indexes were modestly green. The Gold/Silver Index surged more than 8%.

Healthcare, up more than 2.5%, led S&P 500 sector gainers, while Industrials, off just about 0.5%, was the weakest group.

The dollar tumbled about 0.8%; US crude rose about 2%; gold gained more than 3.5%; bitcoin rallied about 6%.

The US 10-year Treasury yield fell to around 4.66%.

With the S&P 500 .SPX hitting fresh record highs and gaining about 0.4% last week, BofA clients were net buyers of U.S. equities for a seventh straight week, according to BofA Securities equity and quant strategist Jill Carey Hall in a note on Wednesday.

The real story was where the money went. After two weeks of outflows, clients poured $2.7 billion into individual stocks, while ETF inflows were a more modest $0.4 billion. ETFs have now attracted money for eight consecutive weeks.

Institutional investors led the buying, returning to the market after two weeks of selling. Hedge funds were also buyers for a third straight week, following what BofA described as a record one-week buying spree the week before. Retail investors, meanwhile, remained net sellers for a third consecutive week.

Clients added exposure to both large- and small-cap stocks while trimming mid-caps.

Corporate buybacks also picked up pace, led by financial companies. Annualized buybacks in 2026 remain below 2025 levels and well short of the records set in 2024, but they are still running above the pace seen from 2016 through 2023.

Technology was the standout. Tech stocks attracted record inflows in BofA's data history, which stretches back to 2008. Clients were also modest buyers of energy, healthcare and real estate shares.

Not every sector benefited, however. Investors sold stocks in seven sectors, led by industrials for a third straight week. That is notable given Hall's view that the sector remains among the market's most crowded and expensive trades. Materials extended its outflow streak to seven weeks.