BofA says tech stock inflows accelerating
In their «Flow Show» note Friday, BofA analysts said tech stock inflows are accelerating.
In the flows to know section, they said cash inflows are also reaccelerating with $26 billion per week in July compared to -$4B a week in June.
Meanwhile, gold outflows over the past ten weeks represent the longest streak since November 2022. Spot gold is currently trading around the $1,943 mark, up around 0.47% following the release of nonfarm payroll data.
Elsewhere, inflows to tech stocks are also accelerating, with nearly $6 billion in inflows over the past four weeks.
The analysts wrote that some of the Q3 to-date winners are "'hard landing' plays...US regional banks 17%, oil 13%, China tech 12%, EU real estate 7%," with losers being "Bitcoin -4% & 30-year UST -5%."
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