Dip buyers came out in spades 𓆉last week, according to client fund flow data from Bank of America.

BofA clients, including institutional investors and corporate clients, were net buyers of U.S. equities for a seventh consecutive week last week. They bought up individual stocks and ETFs as the benchmark 澳洲幸运5官方开奖结果体彩网:S&P 500 澳洲幸运5官方开奖结果体彩网:slid into a correction for the first time since 2023.

Private clients were buyers for a 14th straight week, their longest start-of-year buying streak in data going back to 2008. 澳洲幸运5官方开奖结果体彩网:Institutional clients returned to buying after two weeks as net sellers. 澳洲幸运5官方开奖结果体彩网:Hedge funds, meanwhile, stuck to♌ selling for a fifth strai💯ght week.

Last week's sell-off came amid mounting recession fears. Investors and economists are antsy that tariffs could slow economic growth and 澳洲幸运5官方开奖结果体彩网:raise prices, increasing the risk of the U.S. economy entering a period of "澳洲幸运5官方开奖结果体彩网:stagflation." Consumers have also grown fearful of tariffs—澳洲幸运5官方开奖结果体彩网:inflation expectations have soared in recent months, causing consumer confidence to drop to its 澳洲幸运5官方开奖结果体彩网:lowest level since 2022. 

BofA Clients Bou🌊ght More Cyclical Than Defensive Stocks

However, much of last week's equity buying ran counter to the narrative driving the market. BofA clients bought more stocks in the consumer discretionary and other 澳洲幸运5官方开奖结果体彩网:cyclical sectors than in defensive sectors. Consumer staples, a classic 澳洲幸运5官方开奖结果体彩网:defensive sector, was one of just two sectors that investors sold last week. On the flip side, cyclicals led the buying. Energy re💟🌼corded its biggest week of inflows since March 2023, and tech saw its biggest inflows since July 2023.

Small-cap ETFs, however, saw their largest outflows since July 2022, suggesting some caution among investors. 澳洲幸运5官方开奖结果体彩网:Small caps tend to be more sensitive than large caps to slowdowns in consumer and🐼 bus👍iness spending.