BofA Strategists Say Investor Exodus Signals ‘True Capitulation’
- Tech suffers biggest weekly outflows so far this year: BofA
- Strategists say bear market bounce could be coming soon
The Apple Store Ginza in Tokyo.
Photographer: Tomohiro Ohsumi/Bloomberg
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Money is leaving every asset class and the exodus is deepening as investors rush out of names like Apple Inc., according to Bank of America Corp. strategists.
Equities, bonds, cash and gold all saw outflows in the week ended May 11, strategists led by Michael Hartnett wrote in a note, citing EPFR Global data. At $1.1 billion, technology stocks suffered their biggest withdrawals so far this year, second only to financials, which lost $2.6 billion.