BofA analysts said in their equity client flow note Tuesday that they have seen record communication services inflows.
According to analysts, last week saw the biggest equity inflows in seven weeks, with BofA clients large net buyers of US equities.
"Clients bought both single stocks and ETFs," analysts noted. "Private clients were the biggest buyers of equities last week, led by purchases of ETFs and Tech stocks. Institutional clients were also net buyers after large outflows the week prior, while hedge fund clients were net sellers."
Furthermore, BofA notes that corporate client buybacks accelerated and are tracking above typical seasonal levels at this time for the twelfth week in a row.
Regarding individual sectors, BofA clients bought stocks in six of the 11 GICS sectors, led by communication services and healthcare, while real estate and tech saw the biggest outflows.
On communications services, analysts stated: "Fueled by a significant earnings week including a META (NASDAQ:META) dividend announcement, the sector witnessed its largest inflows since 2018 (when it was broken out as a sector). Also, it has the longest recent buying streak (14 weeks)."