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The tech sector witnessed the largest inflows in 8 weeks when investors poured around $600 million last week, according to Bank of America’s data.
The tech-focused Nasdaq 100 Index gained 2% last week after the July CPI print came in softer than expected. Moreover, BofA notes that the last week saw the largest inflow ($2.5 billion) to U.S. growth funds since December 2021.
This likely means that the market is fading inflation with TIPS seeing the 5th consecutive week of outflows, marking the largest streak since April. Moreover, outflows from resources have been registered in the past 8 weeks, which makes it the longest streak since January 2019.
Overall, as much as $11.7 billion and $7.1 billion went into bonds and equities, respectively, last week. On the other hand, outflows from cash were at $4.3 billion.
The BofA Bull & Bear Indicator remains at 0, signaling “max bearish” for the 9th consecutive week.
