Bank of America clients sell off U.S. stocks at fastest pace in 10 weeks

Odaily News Bank of America's clients pulled money from U.S. stocks at the fastest pace in 10 weeks, reducing their risk exposure. As of the end of June, the S&P 500 index had its best quarterly performance since 2023. Last week, all major client groups, including institutions, retail investors and hedge funds, withdrew a total of $1.3 billion from U.S. stocks, Bank of America quantitative strategists including Jill Carey Hall wrote in a report released on Tuesday. Amid risk aversion in the market, there is growing uncertainty about whether the current rebound can be sustained. The current rebound has helped the S&P 500 rebound from its tariff-related lows in April and is currently hovering near its most overbought level since July 2024. (Jinshi)