Equity flows were highest in nearly 2 years last week

[Pelican Press 0]

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Equity flows were highest in nearly 2 years last week

Investors bought into the interest rate cut. Equity inflows last week were the largest they had been in roughly two years, according to Jill Carey Hall, equity and quant strategist at Bank of America Securities. The Wall Street bank reported its clients snapped up $6.9 billion worth in stocks, the highest level going back to October 2022. Traders bought up stocks after the Federal Reserve’s supersized rate cut bolstered investor optimism last week, sending the Dow Jones Industrial Average and S & P 500 to fresh all-time highs. The two major benchmarks on Tuesday traded just below their records. XLU YTD mountain Utilities Utilities were the big winner here. Not only did the sector post the largest weekly inflow in Bank of America’s historical data going back to 2008 — $1.27 billion — but it is also set to outperform going forward as well. The bank said it favors income and quality as the Fed continues to lower rates — and as investors contend with further choppiness. Utilities are already the top-performing S & P 500 sector of the year. The Utilities Select Sector SPDR Fund (XLU) is up roughly 27% in 2024, as investors bet on a spending ***** in data centers and other infrastructure tied to artificial intelligence. Consumer discretionary stocks also saw near-record inflows, raking in $1.74 billion. Tech also saw lots of buying, with the sector netting more than $2.5 billion in inflows. On the other hand, investors dumped financials, real estate and energy stocks last week.

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