Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Hedge funds pile into banks ahead of earnings - BofA

Published 10/17/2023, 11:02 AM
Updated 10/17/2023, 11:55 AM
© Reuters.

NEW YORK (Reuters) - Hedge funds bought U.S. stocks in all sectors last week, but mainly in financials, Bank of America said in a report on Tuesday.

Hedge funds bought over $300 million in shares in the financial sector last week, when Wall Street's biggest banks started releasing third-quarter earnings.

On Friday, shares in JPMorgan Chase (NYSE:JPM) and Wells Fargo rose after their quarterly profits beat analysts' estimates with help from higher interest rates. Citigroup (NYSE:C), however, lost steam and ended the day slightly down.

On Tuesday, shares of Bank of America rose after it beat estimates on interest payments and trading. Goldman Sachs also topped estimates, but shares fell.

Bank of America tracks its clients trading to show equity flow trends.

The bank added that, besides buying stocks in all 12 tracked sectors, hedge funds added mid and large caps to their portfolios, while selling small caps.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.