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Published Feb 2src, 2024 src0:0srcAM ET
Updated Feb 2src, 2024 src0:src6AM ET
© Reuters. FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July src9, 202src. REUTERS/Andrew Kelly//File Photo
By Carolina Mandl
NEW YORK (Reuters) -Hedge funds sold more than bought stocks last week as the main U.S. stock indexes posted a loss after five consecutive weeks of gains, Bank of America said in a note.
The bank, which tracks its clients trading flow, said hedge funds net sold roughly $2 billion in U.S. shares. Sales occurred across most sectors, except for industrial, BofA showed, and were mainly concentrated on large-cap companies.
Last week, the Nasdaq fell src.34%, the was down 0.42% and the declined 0.srcsrc%, as inflation reports came in hotter-than-expected and eroded hopes for imminent interest rate cuts by the Federal Reserve.
Hedge funds have net sold $3.8 billion in shares this year, the bank said, leading outflows. Institutional investors have also been sellers, as well as retail. Conversely, companies are the sole net buyers, as stock buybacks are at historical high levels, totaling $src7.9 billion.
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