Last week, Bank of America customers sold tech stocks at a record high scale

Jill Carey Hall, a quantitative strategist at Bank of America, wrote in a research report that according to data traced back to as early as 2008, the bank's clients sold US tech stocks last week on an unprecedented scale. "We expect tech stocks will continue to lose their leading position," the strategist wrote. As tech stocks faced sell-offs, US stocks recorded the largest net selling volume since August of last year, with a concurrent net selling volume of $5.8 billion. Institutional and hedge fund clients were net sellers while retail clients became net buyers for the 15th consecutive week and recorded the third-largest capital inflow in history. Corporate client buybacks slowed down and remained below typical seasonal levels for three consecutive weeks. Clients sold off five out of eleven sectors led by technology, communication services and necessities; just like previous week, capital inflows into cyclical industries indicated they are not repositioning for economic recession.